With just over two weeks until Thanksgiving, and families planning their autumn feast, prices for several holiday staples are expected to be lower this year than in 2023, according to an annual analysis from a food economist at Michigan State University.
After several years of rapid price hikes, grocery inflation has slowed, said David Ortega, food economist, and Noel W. Stuckman, chair in Food Economics and Policy in the Department of Agricultural, Food and Resource Economics at Michigan State University.
According to Ortega, grocery prices have gone up by 1.3% over last year, but are still more than 20% higher than four years ago.
Turkey prices are down this year — 2% for retail, and 11% wholesale, according to Ortega, who said producers were able to prepare for bird flu and holiday demand. Ham prices are projected to drop 2.5% this year, but are still high after last year’s near-record levels.
Fresh produce will provide some relief at the cash register this year, with potatoes costing a few percent less, fresh cranberries at 5% cheaper and apples costing 13% less than in 2023.
It’s not all good news, though, said Ortega.
The price of wine will be up a tad. The cost of bread stuffing is projected to be 3% higher this year, and eggs still cost a whopping 40% over last year, because of bird flu.
According to the study, retailers are offering bundling promotions and loyalty programs to keep the overall price down for budget-conscious shoppers. Walmart’s Thanksgiving meal for eight is priced at $56, or $7 per plate. Aldi’s dinner deal for 10 costs $47, less than $5 per plate.
Other money-saving tips from Ortega?
Store brands are less expensive, without compromising on quality. And, stocking up on sales of nonperishable and freezer-friendly items can reduce costs when it’s time to prepare the Thanksgiving feast.
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