PLANO, Texas—Based on a traditional Thanksgiving dinner menu — and a little bit of “from scratch” cooking — the classic journey “over the lips and past our gums” will cost noticeably less this holiday season. In fact, prices are 24% cheaper compared to last year, according to a new report.
Surprisingly broad declines helped push the average unit price in the Meridian Economics’ Thanksgiving Index down to $40.76, compared with $52.34 last year — a drop of $(11.58), or roughly -22%.
Meanwhile, the “Total Cost of Thanksgiving” — the combined price of all 15 items in a modest holiday meal — also saw a significant decrease, falling to $79.45 from $103.87 a year ago. That’s a reduction of $24.42, or -24% — and still leaves enough leftovers for enjoying that fourth football game of the day.
Most components of the meal became less expensive year-over-year, with all but two elements showing declines in both unit cost and total expense, the Index shows. The largest price increases were tied to beverages, pie crusts, and green beans, while the most modest decreases came from cranberry sauce, sweet potatoes, and the turkey itself.
According to the recent inflation report, grocery prices continue to rise at a pace far slower than food purchased at restaurants. This extends the pre-2023 trend that made it cheaper to order most of your Thanksgiving dinner from your favorite BBQ joint or smokehouse — especially when you avoid that 20% tip, said Brian Turner, president and chief economist at Meridian Economics.
Travel costs present a mixed picture: heading to Grandma’s house may also be slightly lighter on the wallet, with average gasoline prices down about -3.0% from a year ago. Airline travelers, however, will pay a bit more, as average ticket prices are up about +2.0%.
Overall annualized consumer prices increased +3.0% for the twelve months ending September 30, with core inflation also at +3.0%. Fortunately, median U.S. wages rose 3.7%, meaning purchasing power — at least for many necessities — has improved. And importantly, over the past two years, consumer prices have risen less than 3.0%.
“So, as you travel over the river and through the woods to Grandmother's house you go, let's be sure and take some time to express our gratitude for family and friends and for the many blessings that we enjoy…,” said Turner.