Having the whole family around the table for Thanksgiving dinner may fill your heart, but don’t be surprised if it drains a little more from your bank account in 2022 than years past.
Market research firm IRI projected in its latest report that the average Thanksgiving meal will cost about 13.5% more, compared to 2021 spreads, as food prices continue climbing amid inflation and sustained supply chain issues.
Meanwhile, a second report, produced by Wells Fargo analysts, indicated that turkey prices alone are projected to increase by as much as 23% year-over-year.
“Turkey prices jumped after the bird flu wiped out livestock earlier this year. While inventory has rebounded, the cost per pound will be higher,” the Wells Fargo report stated.
[ Plump price: Avian flu, inflation may force higher price for Thanksgiving turkeys ]
Meanwhile, eggs, which have also been impacted by the bird flu, have already risen 32.5% while butter and flour have risen 25.8% and 17.1%, respectively, according to the analysts, Fox Business reported.
Alastair Steel, who oversees client engagement for the Chicago-based market research firm, told CNN Business that last-minute price cuts as the holiday approaches are certainly on the table, but consumers should manage their expectations.
“Promotions could swing the number a little, but I don’t expect [them] to swing it in a meaningful way,” he told the news outlet, noting that manufactures have been increasing prices as their own costs rise.
IRI based its report on retail prices in the four weeks ended Oct. 16, compared with the same year-ago period.
As per CNN Business: “It’s no surprise that Thanksgiving is expected to be more expensive this year given how high grocery prices have been in general. Extreme weather conditions such as drought and diseases, including the highly contagious avian flu, among other factors, have contributed to stubbornly high food inflation. In the year through September, not adjusted for seasonal shifts, grocery prices shot up 13%, according to the Bureau of Labor Statistics.”