The cost of a turkey dinner has soared by a record high 20% as inflation eats into Thanksgiving budgets, the American Farm Bureau Federation says.
The average Thanksgiving meal for 10 people will cost $64.05, or just under $6.50 per person, up from $53.31 last year, the agriculture industry group said.
It’s the sharpest year-over-year increase the farm bureau has measured in 37 years of surveys tracking the prices of turkey, stuffing, sweet potatoes, pumpkin pie and other staples.
The farm bureau blamed the increases on stubbornly high inflation rates of 7%-9% in recent months and a 12% year-over-year increase in the most recent Consumer Price Index for food consumed at home.