Report: Americans Might Finally Catch a Break on Thanksgiving Food Costs This Year

As the holiday season draws near amid persistent inflation, a respite may be on the horizon for Americans purchasing Thanksgiving groceries, particularly turkeys.

Reports indicate a 13% decrease in turkey prices from last year, a stark contrast to the 75% surge experienced previously. The average cost for a 10 to 15 lb turkey has fallen, now hovering around $1.40 per pound, a drop from the $1.62 previously reported.

“Moving into this year’s harvest, it was a much better year, and so we’re expecting prices to drop,” Dr. Michael Swanson, Chief Agricultural Economist at Wells Fargo Agri-Food Institute, told Fox Business regarding the potential decrease in prices for certain produce due to improved weather conditions compared to last year’s drought in the Pacific Northwest.

Despite the decrease in turkey prices, consumers should not expect a similar trend across all Thanksgiving staples. Canned goods, for instance, have seen a notable price increase due to rising costs in packaging, labor, and transportation. Items such as cranberries have surged nearly 60%, while green beans and canned pumpkin have experienced a 9% and 30% price increase, respectively.

Fresh fruits and vegetables have also seen a price jump, albeit a modest one to two percent. Yet, as Thanksgiving approaches, there remains a possibility for price reductions in these areas as well.

Target has taken a proactive approach, ensuring customers that a Thanksgiving dinner for a family of four, including a turkey of at least 10 lbs, will be available for $25, as stated on their website.

This year’s Halloween already set a precedent with candy prices climbing 12.8% from the previous year, signaling the broader impact of inflation on holiday spending.

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