Thanksgiving 2024: Expect Higher Food Prices for Staples
- Turkey prices are expected to decrease by 16%, while ham prices have risen by 5.2%.
- Prices for staple side dishes, including sweet potatoes and russet potatoes, have increased significantly.
- Grocery retailers are responding with budget-friendly meal deals to help consumers manage rising food costs.
In the United States, preparations for Thanksgiving are underway as farmers and economists provide insights into food pricing for the upcoming holiday. Dr. Michael Swanson, Chief Agricultural Economist at the Wells Fargo Agri-Food Institute, shared that turkey prices are expected to decrease by 16% compared to last year, while ham prices have risen by 5.2%. The cost of staple side dishes is also affected, with sweet potatoes increasing by 4% and russet potatoes reaching an all-time high, up 14%. Canned goods, such as green beans and pumpkin, have seen significant price hikes of nearly 9% and 30%, respectively, attributed to rising labor and transportation costs. In response to these price fluctuations, grocery retailers are launching promotions to attract shoppers. Aldi has announced a Thanksgiving meal deal for under $47, serving up to 10 people, available through Christmas. Walmart is also offering affordable holiday meals, priced under $7 per plate. These initiatives aim to provide consumers with budget-friendly options amidst rising food costs, ensuring that families can still enjoy traditional Thanksgiving meals without breaking the bank.