Posted: November 20, 2012
It will cost about the same to gobble up your Thanksgiving Day turkey dinner this year as it did last year, according to the annual survey by the American Farm Bureau Federation (AFBF).
“Our meal for 10 people that includes a 16-pound turkey, mashed potatoes, cranberries, relish tray, pumpkin pie… the whole nine yards… this year we think is going to cost us $49.48. And that’s only about 28 cents more than we were last year,” explained AFBF economist Bob Young during an interview at the National Association of Farm Broadcasting convention. That translates to less than a 1-percent price increase… not too bad when you consider how some commodity prices spiked due to the drought. In fact, Young pointed out that about the only thing that went up in the Thanksgiving basket was the price of the turkey, increasing just 4 cents a pound. “Given what feed costs did this year, that’s a pretty amazing thing,” he said.
Some prices are lower than a year ago. “A lot of the dairy products, the butter, the whipped cream on the pumpkin pie, went down,” said Young. “A lot of the bread products, surprisingly enough, went down – the cubed stuffing mix for example, the rolls went down.” And the price of a vegetable tray was exactly the same.
Farm Bureau has been reporting the price for an average Thanksgiving meal since 1986, when it cost $28.74. “You know, if you went back and bought a car in 1986, somehow I don’t think it would be quite the same kind of deal that we’re talking about for this dinner,” Young said.
In fact, comparing the increase in price between a new car and Thanksgiving dinner – yikes! The average price for a new car in 1986 was $9255 – this year it was $30,274 – an increase of a whopping 227%! The percentage increase for your turkey dinner this year compared to 1986 is just 42%. A great reason to be thankful for our food and our farmers this Thanksgiving!
Listen to my interview with Bob Young on the cost of this year’s Thanksgiving meal: Bob Young, AFBF economist