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Thanksgiving Anticipated to Cost More This Year

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Thanksgiving has always been a pricier occasion with the expenses of food, disposable utensils, increased utility bills, and other miscellaneous costs. This year, due to ongoing labor shortages and supply chain challenges, Thanksgiving is expected to be even more costly than usual.

Based on a survey by the American Farm Bureau Federation, an average Thanksgiving dinner for 10 individuals, with essentials like turkey, gravy, stuffing, sweet potatoes, cranberries, and more, will see a 14% increase in cost. This amounts to around $53.31 on average, a $6 rise from last year.

Veronica Nigh, senior economist with the American Farm Bureau Federation, explained, “These factors include significant disruptions to the US economy and supply chains in the past 20 months; inflationary pressures across the economy; challenges in predicting demand during the COVID-19 pandemic; and high global food demand, especially for meat.”

Specifically, the price of turkey has spiked by 24% compared to last year, exceeding $20. However, grocery stores are eager to clear their stocks, potentially leading to price drops in the week preceding the holiday.

Nigh further stated, “Excluding turkey from the food basket shows a 6.6% price increase from last year, closely aligning with the Consumer Price Index for food and overall inflation.”

Although prices are on the rise and shipping delays may occur, the US Department of Agriculture assures that everyone wishing to have Thanksgiving dinner this year will still be able to do so. US Secretary of Agriculture Tom Vilsack mentioned, “We understand that even slight price hikes can impact family budgets. We are working diligently to mitigate this. The positive news is that major turkey producers are confident that everyone seeking a Thanksgiving turkey will find one, with a minimal cost increase of just $1 compared to last year.”

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