By Alia ShoaibShareNewsweek is a Trust Project memberThe prices of many staple Thanksgiving foods have seen sharp drops this year, despite the overall cost of groceries remaining high.
A new Wells Fargo analysis showed that the cost of its 10-person Thanksgiving menu should be down 2 to 3 percent for consumers, with the meal costing under $100.
Why It Matters
Cheaper Thanksgiving meals will be welcome for Americans who continue to feel the strain of higher living costs.
The reduction in costs for Thanksgiving menu items comes in spite of the Consumer Price Index (CPI) being up by 2.7 percent from a year ago.
...What To Know
Wells Fargo’s annual Thanksgiving report found that several classic holiday items are cheaper than they were last year.
Turkey prices are down roughly 3.7 percent from national brands. For sides, stuffing, fresh cranberries and gravy mixes have dropped by around 3 to 4 percent, while prepared mashed potato has dropped by 1.5 percent.
Frozen vegetables from national brands have seen a big price decline, having reduced by 15 percent.
For desserts, price changes are more mixed: national brand pumpkin pies are down 3 percent while the price of whipping cream has increased by 3 percent.
Wells Fargo estimates that its 10-person Thanksgiving menu will cost consumers $80 if they purchase private-label items and $95 if purchasing national-name brand items.
President Donald Trump has repeatedly touted falling grocery prices as evidence of economic progress, despite prices being volatile and some grocery prices remaining high.
Wells Fargo noted that grocery items that were experiencing particularly high prices, such as beef and eggs, are not part of the typical Thanksgiving menu.
Trump has repeatedly claimed that Thanksgiving will be cheaper for Americans this year compared with last year under President Joe Biden.
He has frequently pointed to Walmart’s Thanksgiving dinner being 25 percent cheaper this year as a sign of improving affordability, though this year’s basket has fewer items and more store-brand ones.
Other measures do also indicate that Thanksgiving items are cheaper this year. The American Farm Bureau Federation reported that the average cost of a traditional Thanksgiving dinner for 10 people has fallen 5 percent from last year, with turkey prices dropping more than 16 percent.
What People Are Saying
Wells Fargo said in a press release: "In a win for consumers and a testament to the behind-the-scenes coordination between producers and retailers, the American consumer will have reason to celebrate this Thanksgiving. Even though the cost of food at home measured by the Consumer Price Index (CPI) is up 2.7 percent from a year ago, the cost of Wells Fargo’s Thanksgiving menu has fallen by about 2 to 3 percent, depending on the shopper’s strategy."
What Happens Next
Americans can look forward to celebrating Thanksgiving at more affordable prices. It is still unclear how overall grocery prices will change in the months ahead.
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