Thanksgiving dinner will be pricier than last year, according to economists, who say it might actually be cheaper to eat out. The cost of a turkey is expected to rise 23% compared to the fourth quarter of 2021, according to a report from Wells Fargo analysts Courtney Schmidt and Brad Rubin. However, the New York Times recently reported turkey prices could double over last year as a result of avian flu outbreaks, drought, and higher costs of feed, fuel, and labor. In the week of Oct. 21, the average retail price for a frozen turkey was $1.99 per pound, up 73% from 2021. And "more limited" supplies mean you won't necessarily get your pick of the bunch, per Fox Business.
The cost of eggs, butter, flour, and fruits and vegetables are already up 32.5%, 25.8%, 17.1%, and 7.3% respectively year over year, according to the report. Cranberry sauce is expected to be more expensive than last year "due to cranberry producers that faced rising input costs." While cooler spring weather has delayed crops of white potatoes in Idaho and Washington, meaning "prices will be higher based on supply and demand principles," sweet potatoes "have a surplus at the moment," Rubin tells Fox. If you'd rather not cook, eating out is a "great value this year," he adds, noting the "cost of eating out has increased slower than at home." For a family of four, eating out could cost roughly the same as dining at home, though it will be less economical for larger groups. (More Thanksgiving stories.)
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