Americans exposed to 20% higher Thanksgiving dinner costs than last year

According to the findings of a survey that was conducted by the American Farm Bureau Federation and made public recently, it was found that the estimated cost of a Thanksgiving dinner for ten people would be twenty percent higher than it was the previous year.

This study took into account the pricing of traditional Thanksgiving foods such as turkey, sweet potatoes, stuffing, rolls with butter, cranberries, and other such items. According to the findings of the research, the cost of food that would be sufficient for 10 people for Thanksgiving with plenty of leftovers would be $64.05, which is an increase from $53.31 in 2021 and $46.90 in 2020.

According to the data, those living in the West will probably have to pay more for their meals than those living in the South. For the same meal for 10 people, the cost in the western states is estimated to be $71.37, while the cost in the southern states is estimated to be $58.42.

And while the expenses for Thanksgiving are 20% higher, the Bureau of Labor Statistics shows that the average salaries have only climbed by 4.7%.

“General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in the average cost of this year’s Thanksgiving dinner.” “General inflation has been running from 7% to 9% in recent months, while the most recent Consumer Price Index report for food consumed at home reveals a 12% increase over the past year,” said AFBF chief economist Roger Cryan.

This increase may be attributed to a variety of factors, including the food shortages, the growing expenses for farmers, and the war in Ukraine.

If you want to find out more, check out the survey here.