MINNESOTA, USA — Your Thanksgiving trip to the grocery store may be more affordable than you'd expect.
Every year the American Farm Bureau Federation tracks the prices of 12 Thanksgiving staples, including turkey, dressing, dinner rolls, and frozen peas.
According to this year’s survey, eight of the twelve food items are cheaper this Thanksgiving.
Sweet potatoes are seeing the steepest price drop with the average price nationwide 26% cheaper than last year.
A gallon of whole milk is also 14% cheaper this year, and canned pumpkin and turkey are both 6% cheaper as well.
According to the American Farm Bureau Federation, a Thanksgiving meal for 10 people will cost around $58, a 5% drop compared to last year.
However, once inflation is considered, the American Farm Bureau says the prices this year are the lowest they have seen since they started their annual survey 39 years ago.
"We're always surprised to see that food prices are going down maybe when we aren't necessarily feeling that way,” Minnesota Farm Bureau Education Coordinator Pam Debele says.
The survey results suggest the average trip to the grocery store may be cheaper when it comes to Thanksgiving staples, but Debele says the prices for other grocery items may still be higher than in years past.
"There are twelve items on this list that maybe aren't things that we normally eat every meal,” Debele says.
Plus, the Minnesota Turkey Growers Association says many grocery stores will sell popular Thanksgiving items like turkey for a loss as a strategy to lure in potential customers
“Turkey is the biggest loss leader this time of year,” Minnesota Turkey Growers Association Executive Director Ashley Kohls says.
"What you see for prices in the grocery store for turkey, frozen turkey especially, does not match what current markets are for turkey."
The latest Consumer Price Index also shows prices for “Food at Home” have gone up 1.1% since last October.
Some specific grocery items have experienced even higher price increases this year.
The latest CPI report shows egg prices have increased 30% since last October, oranges have gone up by 7.2%, and some condiments have seen a 22% increase this year.
Besides surveying food prices around Thanksgiving, the American Farm Bureau Federation also surveys food prices a few weeks before the 4th of July holiday.
This year’s survey suggests the average 4th of July BBQ for 10 people cost around $71.22 which is higher than last year’s cost of $67.73 which marks a 5% increase and a 30% increase over the last five years.
So, enjoy these lower Thanksgiving prices while you can, because they won’t last forever.