According to a University of Tennessee (UT) study, American families will be spending more on this year’s Thanksgiving dinner.
A team from the university, led by Professor and Consumer Economics Specialist Ann Berry, surveyed grocery store pricing for Thanksgiving staples between November 1 to November 8, “including turkey and stuffing, cranberry sauce, ham, mashed potatoes, sweet potato casserole, green bean casserole, English pea salad, deviled eggs, pumpkin pie with whipped cream and rolls.”
The researchers estimated the groceries they purchased would feed 10 people.
Berry and her team found that to feed 10 people this Thanksgiving, shoppers will pay an average of $128.02, which is a 14 percent increase from last year.
Berry said the result comes despite the fact the price for turkey has decreased 31 percent over the past year, and the price for eggs has decreased from an all-time high of $4.82 per dozen in January to $2.04 per dozen in August.
Berry also warned consumers that “shrinkflation” is on the rise.
“Shrinkflation, or reducing the volume or quantity of product in a package but charging the same or higher price, is a company’s answer to the rising cost of food,” she said. “Remember to check your recipes and adjust for any discrepancies.”
The UT economics team says consumers should look for holiday deals in order to budget for their Thanksgiving celebration, or ask guests to bring dishes if the cost is too much to handle by themselves. The team also noted that since Thanksgiving is only the beginning of what could be an expensive holiday season, Tennesseans should ensure to keep leftovers and use them for future meals.
UT Extension Nutrition Specialist and Assistant Professor Kristen Johnson explained.
“Incorporating leftovers into your meal plan is a great way to make the most of your time and money this holiday season,” she said. “Leftover turkey, green beans, corn, sweet potatoes and other vegetables can be used in soups, stews, sandwiches and casseroles. Leftover cranberries are a flavorful, nutritious topping on oatmeal, waffles and pancakes.”
According to Mark Zandi, the chief economist at Moody’s Analytics, put into perspective just how much inflation is hurting average Americans.
“To be sure, the high inflation of the past 2+ years has done lots of economic damage,” he said on X, formerly Twitter, in August. “Due to the high inflation, the typical household spent $202 more in a July [sic] than they did a year ago to buy the same goods and services. And they spent $709 more than they did 2 years ago.”
The $709 average totals to just more than $8500 annually.
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Pete D’Abrosca is a reporter at The Tennessee Star and The Star News Network. Follow Pete on Twitter/X.
