
Thanksgiving Food Prices Sink as Americans Scale Down Their Feasts

Turkey prices are sinking as the pandemic may keep some American families from hosting big groups this Thanksgiving.
The price of ingredients in a traditional turkey dinner for 10 people is down to the lowest level in a decade, driven largely by grocers discounting the meal’s centerpiece to attract customers, according to the American Farm Bureau Federation.
The drop in turkey prices _7% lower than last year for a 16-pound bird, according to Farm Bureau — comes as many retailers are preparing to sell a greater variety of food this year. More families are cash-strapped and grocery chains expect some to make new choices as they confront preparing the holiday meal for the first time without relatives’ help.
More than a third of Americans plan to spend less on Thanksgiving this year, according to a survey from mobile-rewards platform Ibotta Inc.
“Pricing whole turkeys as ‘loss leaders’ to entice shoppers and move product is a strategy we’re seeing retailers use that’s increasingly common the closer we get to the holiday,” said John Newton, chief economist for Farm Bureau, which has been surveying retail prices ahead of the holiday since 1986.
The average overall cost of a traditional Thanksgiving dinner for 10 this year is $46.90, down 4% from last year, according to the farm group’s survey. The survey is based on a menu of turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk.
In addition to turkey, foods that showed slight price declines include whipping cream and sweet potatoes. Foods showing modest increases this year included dinner rolls, cubed bread stuffing and pumpkin pie mix.
___
(c)2020 Bloomberg News
Distributed by Tribune Content Agency, LLC
In The News
Health
Voting
Economy
PROVIDENCE, R.I. (AP) — Vermont farmer Brian Kemp is used to seeing the pastures at Mountain Meadows Farm grow slower... Read More
PROVIDENCE, R.I. (AP) — Vermont farmer Brian Kemp is used to seeing the pastures at Mountain Meadows Farm grow slower in the hot, late summer, but this year the grass is at a standstill. That's “very nerve-wracking” when you're grazing 600 to 700 cattle, said Kemp,... Read More
WASHINGTON (AP) — Democrats pushed their flagship climate change and health care bill toward House passage Friday, placing President Joe Biden on... Read More
WASHINGTON (AP) — Democrats pushed their flagship climate change and health care bill toward House passage Friday, placing President Joe Biden on the brink of a back-from-the-dead triumph on his leading domestic goals that could energize his party going into November’s elections. Democrats were poised to muscle the measure through the... Read More
WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than... Read More
WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department showed that the producer price index... Read More
AP -- Gasoline prices dipped to just under the $4 mark for the first time in more than five months... Read More
AP -- Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials. AAA said the national average for a gallon of regular was... Read More
Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS... Read More
Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class. The “ Inflation Reduction Act,” which awaits a House vote after passing in the Senate on Sunday, would increase the ranks of... Read More
WASHINGTON — The Consumer Price Index was unchanged in July, a sign that rapidly declining gas prices are beginning to... Read More
WASHINGTON — The Consumer Price Index was unchanged in July, a sign that rapidly declining gas prices are beginning to offset the pressures that led to a monthslong surge in inflation. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban... Read More