ST. PETERSBURG, Fla. — As the third Thursday of November approaches slowly but surely, some people may be wondering how much money they'll be spending on Thanksgiving dinner.
No matter if they decide on a smaller turkey or a dressing recipe with fewer ingredients – some people may be breaking the bank purchasing everything they need for the big feast day.
Reports from Farm Bureau show that prices for Thanksgiving meals between 2020 and 2021 surged almost 14 percent with an average meal for 10 people costing more than $53.
And Tasting Table says a market analysis by Wells Fargo predicts that people can expect even higher costs for Thanksgiving 2022.
Here are some things to keep in mind heading into Thanksgiving this year.
Turkey
With turkey being the main part of a Thanksgiving dinner, it can also be the most expensive part of the meal.
The Wall Street Journal reported back in September that the bird-flu breakout from 2022 alone killed six million turkeys – lowering supplies and lifting prices to the highest level.
Market research firm Urner Barry explains that breast-meat prices for consumers have climbed above $6.50 a pound this year, according to the media outlet. Turkey hens, which are the majority of birds served on Thanksgiving, cost 57 percent more than the five-year average.
But the National Turkey Federation says it expects there to be enough turkeys for everyone in the coming holiday season.
Ham
As the other fan-favorite meat choice for Thanksgiving dinner, people may be wondering if they're going to pay an extra buck this year.
According to a 2021 article from Fox 8, labor shortage problems in the U.S. caused pork prices to rise. The processing plants have to put in more labor to make sure shelves are stocked with deboned pork products, which means the prices are going up.
But this also means the prices of bone-in products go down because of the expanding supply, the media outlet explains.
The average price of one pound of ham back in Sept. of 2019 was reportedly about $3.34. That number rose to around $3.83 by Sept. 2021.
Potatoes
What is a Thanksgiving dinner without a dish made out of potatoes? Whether it be mashed potatoes, baked potatoes or a potato casserole – this starchy plant will be in high demand for the big feast day.
MLive reports potatoes have seen a 23 percent price increase from Oct. 2021-2022 with it costing nearly $1 a pound now compared to last year when it was reportedly 80 cents.
Canned veggies
When cooking Thanksgiving dinner, it's sometimes easier to pop open a can of vegetables to heat up instead of preparing fresh ones – but is it more cost-efficient?
According to the Bureau of Labor Statistics, prices for canned vegetables (along with canned fruits) have gone up by about 19 percent between Sept. 2021-2022. Just in the month of August, prices of veggies increased by almost 2 percent.
Tasting Table says using frozen vegetables for recipes this Thanksgiving might be better for your bank account with there being only a 16.6 percent increase from 2021-2022 instead of 19 percent.
Butter
With butter (or margarine) being a key ingredient in almost everything that will be on the Thanksgiving table, it's safe to say that a lot of it will be needed. Data from the Bureau of Labor Statistics shows that margarine has increased in price by 44 percent between Sept. 2021-2022, with butter having a lower change in price by 26 percent.
And this product isn't immune from the effects of labor shortages – Tasting Table explains the shortages increased the costs to produce butter and margarine.
Wine
For all the wine lovers out there who make sure to have a glass of wine (or two) at Thanksgiving dinner, you may see a slight increase when purchasing your favorite bottle.
Wine Economist reports the average price for a bottle is $8.52, which is a whopping 4.1 percent increase from last year when it was $8.18.
Average domestic bottle prices reportedly went from $8.12 to $8.46 while average import bottle prices went from $8.35 to $8.69.
But the good news is, there always seems to be a buy-one, get-one-free deal for wine going on at different grocery stores.