Americans are going to pay 14 percent more on their Thanksgiving feast this year, due to supply chain shortages and runaway inflation.
The American Farm Bureau Federation's annual survey revealed that families are spending $53.31 on a holiday dinner for ten, an increase from last year's $46.90.
The price of turkey is also on the rise, up 24 percent from 2020. Experts say you can expect to spend $23.99 on a 16-pound bird or roughly $1.50 per pound.
The organization calculated the price using 218 surveys completed across all 50 states and Puerto Rico.
The Farm Bureau cited the pandemic and inflationary pressures on the economy as possible reasons behind the rising food costs.
Americans are going to pay 14 percent more on their Thanksgiving feast this year, due to supply chain shortages and the lasting impacts of COVID-19
'Several factors contributed to the increase in average cost of this year's Thanksgiving dinner,' said AFBF Senior Economist Veronica Nigh.
'These include dramatic disruptions to the U.S. economy and supply chains over the last 20 months; inflationary pressure throughout the economy; difficulty in predicting demand during the COVID-19 pandemic and high global demand for food, particularly meat.
The economist also said that a pandemic-era increase in cooking and eating at home has contributed to supermarket demand and higher food prices.
Additionally, the typical American Thanksgiving menu has grown, which also plays a factor in the rising price of the holiday feast.
In prior years, the shopping list for Farm Bureau's informal survey included turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk - all purchased in quantities intended to serve a family of ten and also have leftovers.
This year, the price reflected the inclusion of ham, russet potatoes and frozen green beans.
The American Farm Bureau's annual survey revealed an increase in costs of turkey and side dishes, as indicated above
Families are spending $53.31 on a holiday feast for ten, an increase from last year's $46.90
The Farm Bureau cited the pandemic and inflationary pressures on the economy as possible reasons behind the rising food costs
The organization claimed adding these foods to the classic Thanksgiving menu increased the overall cost by $15.41, to $68.72.
'Taking turkey out of the basket of foods reveals a 6.6% price increase compared to last year, which tracks closely with the Consumer Price Index for food and general inflation across the economy,' Nigh added.
Meanwhile, worldwide food prices surged to a new peak, reaching its highest levels since July 2011, the UN Food and Agriculture Organization (FAO) announced earlier this month.
The FAO's September food price index – a measure of monthly changes in global food prices – averaged 133.2 points in October 2021, up 3 percent from September and 31.3 percent from October 2020.
For the third consecutive month, the meat index declined. The organization cites reduced purchases of pork products from China and a sharp decline in beef from Brazil as contributing factors.
However, poultry and sheep prices continue to rise.
