PLANO, Texas–Americans always have many things for which to give thanks each Thanksgiving, but a more affordable dinner won’t be one of them this year, according to one analysis.
According to Meridian Economics, the "Total Cost of Thanksgiving," which represents the total cost of all 15 elements of a what the company called a “very modest dinner,” increased to $80.98 from last year's total of $62.22 or about $18.76 over 2021, or 30% - and “that doesn't even guarantee adequate leftovers for watching that fourth football game for the day,” the company said.
“All but one element experienced year-over-year unit and cost increases over the previous year. The biggest increase was related to the unit cost of the turkey and its total increasing by $6.00, or 29%,” wrote Brian Turner, president and chief economist with Meridian Economics.
According to the company, the largest percentage increase was related to a gallon of milk which increased $1.39, or 57%.
“That was followed by anything you choose to wash everything down your gullet - as beverage costs increased 49%,” Turner said.
Turner noted that according to October's inflation report, grocery prices have increased by 12.4% over the past 12 months, while prices for food eaten away from home has increased by 8.6%.
Cheaper to Order In
“So, for this year, it may be cheaper in the long-run to order most of your Thanksgiving dinner from your favorite BBQ or smokehouse - particularly if you choose to save from a 20% tip,” Turner stated. “Of course, venturing out to grandma's house might be costly as well as average gasoline prices remain about 17.5% higher from a year ago and average airline ticket prices are up about 15.2%.”
Turner additionally noted that annualized consumer prices rose 7.7% for the 12 months ending on Oct. 31st.
“Unfortunately, median wages in the U.S. are only increasing by 4.7%, so many have seen their purchasing power greatly reduced over the past year and the immediate future doesn't seem as prosperous as we'd like,” he added.
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