: Turkey costs are soaring, but bigger birds are scarce. Here’s how to save money on Thanksgiving dinner.

by | Nov 2, 2022 | Stock Market

It’s time to break a leg. A turkey leg. Families are ready to get back together after two years of the COVID-19 pandemic, but rising prices could damage their Thanksgiving plans. The U.S.’s annual inflation stood at 8.2% in September, according to the latest government data, the highest level in 40 years. 

What’s more, the consumer-price index for food surged 11.4% in September, the largest annual increase since 1979, the government said. Some lower-income households have changed their eating habits to curb costs, while middle-income households cut back discretionary spending.  Wholesale turkey prices exceeded $1.80 per pound in October, up more than 40 cents per pound over last year, according to the Department of Agriculture. Record-high feed prices and avian influenza hurt supply, and contributed to the price increase, said Al Jansen, executive vice president of sales and marketing at Butterball, a major turkey producer.

“28% of people plan to spend up to $100 on Thanksgiving celebrations, while 57% plan to spend between $100 and $200.”

So how much are people willing to fork out? Some 28% of people plan to spend up to $100 on their Thanksgiving celebration this year, while 57% say they will spend between $100 and $200, according to a poll published last month by Personal Capital, a digital wealth-management company headquartered in Redwood, Calif. Families are under pressure to stick to tradition. “No matter what, some Thanksgiving dinners won’t be complete without a few core items,” the report said. “Turkey, gravy, mashed potatoes, stuffing, sweet potatoes, rolls, and green beans all made the top 12 dishes Americans would never cut from the menu.” Yet, this year’s celebration does not appear to be getting smaller: Most Americans (87%) plan to celebrate Thanksgiving, up from 83% last year, according to market-research firm Morning Consult. However, 22% said they were stressed …

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