PLANO, Texas–Giving thanks this year is going to cost about a third more than in 2022.
The average unit price tag for the Meridian Economics' Thanksgiving Index rose to $56.51, an increase of $18.99 over 2022, or about 31%, the company said.
According to Meridian Economics, the "Total Cost of Thanksgiving," which accumulates the total cost of all 15 elements of a very modest dinner, increased to $101.22 from last year's total of $80.98 or about $20.24 over 2022, “and that doesn't even guarantee adequate leftovers for watching that fourth football game for the day,” it said.
“All but two elements experienced year-over-year unit and cost increases over the previous year,” Meridian Economics said. “The biggest increase was related to whatever you choose to wash everything down your gullet—as the unit beverage costs increased by +$15, or +187%) ... The cost of milk and, believe it or not, the turkey declined 22% and 15%, respectively.”
The Price Increases
The analysis noted that according to September's inflation report, grocery prices have increased by 2.4% over the past 12 months, while prices for food eaten away from home have increased by 6.0%. “This reverses 2022 results that proved cheaper to order most of your thanksgiving dinner from your favorite BBQ or smokehouse, particularly saving that 20% tip.”
“Of course, venturing out to Grandma's house might be costly as well as average gasoline prices remain about 3.0% higher from a year ago although average airline ticket prices are down about -13.4%,” Meridian Economics’ analysis continued. “Annualized consumer prices rose 3.7% for the 12 months ending on September 30th. And fortunately, median wages in the U.S. rose by 4.2%. So, purchasing power - at least for some things - has improved but the immediate future might not be as prosperous as we'd like. But remember, over the past two years, consumer prices have increased more than 25%.”
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