Cost of Thanksgiving dinner up 25% since 2019, new report

The average cost of a Thanksgiving meal for 10 people this year will cost 25% more compared to the price in 2019, prior to the pandemic, according to a report leased Tuesday by the American Farm Bureau Federation.

The group found the 2023 cost will be $61.17, compared to $53.31 in 2021, the closest year to the 2019 comparison point given in the group's press release on the matter.

Despite the increase, the cost of the meal will be less this year compared to 2022 – $61.17 versus $64.05. 

The group said its national survey found the 2023 meal will be the second-most expensive in the survey’s 38-year history. 

The survey found the lower price this year compared to last year – 4.5% – is "predominantly driven by a reduced cost of turkey."

The survey also found lower costs in seven of 11 traditional side dishes listed.

However, it found pumpkin pie and dinner rolls have increased the most in cost this year, with the pumpkin pie having a 3.8% increase and rolls having a 3% increase. 

Inflation has over the past several years been a major concerns for Americans and will likely continue to be in the foreseeable future.

The seasonally adjusted inflation rate for October 2023 remained unchanged from the previous month and sits at 3.2%, according to the Labor Department's Consumer Price Index Report. The Federal Reserve's targeted annual rate is 2%.

Economists surveyed by Dow Jones projected a 0.1% month increase and a 3.3% annualized increase.

The average cost of a Thanksgiving meal will also depend on the region in the U.S.

For example, the least expensive will be $58.66 in the Midwest, while the most expensive is in the Northeast, with the average cost being $64.38.