Thanksgiving dinner costs rise slightly in 2014

Families planning to provide a traditional Thanksgiving meal this holiday will shell out just under $50 to feed 10 people. The American Farm Bureau’s 29th annual informal price survey of classic Thanksgiving Day dinner items showed a cost of $49.41, a 37-cent cost increase from a year ago.

The big ticket item – a 16-pound turkey – came in at $21.65 this year. That's roughly $1.35 per pound, a decrease of less than 1 cent per pound, or a total of 11 cents per whole turkey, compared to 2013.

"Turkey production has been somewhat lower this year and wholesale prices are a little higher, but consumers should find an adequate supply of birds at their local grocery store," said AFBF Deputy Chief Economist John Anderson.

Some grocers may use turkeys as "loss leaders," a common strategy deployed to entice shoppers to come through the doors and buy other popular Thanksgiving foods. The Farm Bureau survey shopping list includes turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, and beverages of coffee and milk, all in quantities sufficient to serve a family of 10. 

Foods showing the largest increases this year were sweet potatoes, dairy products and pumpkin pie mix. Sweet potatoes came in at $3.56 for three pounds. A half pint of whipping cream was $2.00; one gallon of whole milk, $3.76; and a 30-ounce can of pumpkin pie mix, $3.12.

A one-pound relish tray of carrots and celery ($0.82) and one pound of green peas ($1.55) also increased in price. A combined group of miscellaneous items, including coffee and ingredients necessary to prepare the meal (butter, evaporated milk, onions, eggs, sugar and flour) rose to $3.48.

In addition to the turkey, other items that declined modestly in price included a 14-ounce package of cubed bread stuffing, $2.54; 12 ounces of fresh cranberries, $2.34; two nine-inch pie shells, $2.42; and a dozen brown-n-serve rolls, $2.17.

The average cost of the dinner has remained around $49 since 2011.

"America's farmers and ranchers remain committed to continuously improving the way they grow food for our tables, both for everyday meals and special occasions like Thanksgiving dinner that many of us look forward to all year," Anderson said. "We are blessed to be able to provide a special holiday meal for 10 people for about $5.00 per serving – less than the cost of most fast food meals."

The stable average price reported this year by Farm Bureau for a classic Thanksgiving dinner tracks closely with the government's Consumer Price Index for food eaten at home which indicates a 3% increase compared to a year ago.