Turkey Prices Drop Ahead of Thanksgiving, but Costs for Other Dinner Essentials Rise

Despite decreased turkey prices due to increased supply, considerable rises in the cost of canned goods and potatoes anticipated to offset savings at Thanksgiving.

Despite a significant drop in turkey prices this year due to an increase in supply, the overall cost of Thanksgiving dinner won’t likely be cheaper as prices for other dinner essentials have risen. Turkey prices have decreased by 13% compared to last year, with wholesale prices seeing an even larger drop at 29%.
Consumers may face substantial price hikes in canned goods due to rising packaging and labor costs. Fresh cranberries are estimated to be about 20% less expensive than last year, but canned cranberries could be nearly 60% more expensive.
Canned pumpkin production costs are up 30% from last year, contributing to elevated grocery prices for this item. Similarly, canned green beans have seen around a 9% increase in price.
Potato prices are at a record high, with a 14% increase compared to last year. This is largely due to a significant drought in the Pacific Northwest that affected last year’s supply. However, prices are expected to decrease ahead of Thanksgiving as grocery stores become more competitive.
Even though food price inflation has moderated this year with grocery prices overall increasing 2.4% compared to last year's 3.7% inflation rate, essentials for the traditional Thanksgiving dinner like canned cranberries, potatoes, and other canned goods have seen substantial price increases.