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(Undated) -- The cost of serving a Thanksgiving meal is 5% lower this year compared to last year, but still 19-percent higher than pre-pandemic levels. The American Farm Bureau Federation reports the average cost of the holiday meal for 10 is just over $58 dollars.
The survey found the turkey accounts for 44-percent of the total cost of the meal. The cost average cost of a 16-pound turkey is $25.67.
The study finds a 14.3% drop in the cost of a gallon of whole milk and a 26.2% decrease in the price for three pounds of sweet potatoes. However, some items saw increases. Price tags on a 14-ounce package of cubed stuffing mix and a dozen dinner rolls are up roughly 8%.
“When considering these costs, it’s important to remember farmers aren’t necessarily benefiting from higher food prices at the grocery store,” says Dr. Christopher Pudenz, Iowa Farm Bureau’s economics and research manager. “Farmers receive only 16 cents of every food dollar spent and are also battling inflationary pressures on inputs like machinery and fertilizer.”
These pressures are evident in net farm income, which is projected by USDA’s Economic Research Service to lower by at least 23% in 2024 compared to 2022. This strain on farmers is rippling through the broader economy, particularly in Iowa, where businesses and communities rely on agriculture.
Between Jan. 1 and Sept. 10, 2024, 23 agriculture-related businesses in Iowa announced layoffs, affecting nearly 4,100 workers. An analysis commissioned by the Iowa Farm Bureau estimates job losses could climb to 11,400 statewide as the impact of reduced farm income spreads. The same analysis projects a $1.5 billion decline in value-added economic activity and a $100 million decrease in state and local tax revenue.
The American Farm Bureau’s annual Thanksgiving dinner survey, conducted from Nov. 1-7, offers a snapshot of current grocery prices. Farm Bureau volunteers from all 50 states compile data on traditional Thanksgiving items, including frozen pie crusts, pumpkin pie mix, whipping cream, dinner rolls, fresh cranberries, whole milk, frozen peas, sweet potatoes, and stuffing. For those planning a larger feast, an expanded menu—including boneless ham, russet potatoes, and frozen green beans—brings the cost up to $77.34.