“Don’t expect tremendous savings,” a new report from Wells Fargo’s Agri-Food Institute warns, noting that food-at-home prices are still up 2.4% compared with last October. “This year’s celebration …
Frozen turkeys are displayed for sale inside a grocery store on Nov. 14, 2022, in New York City. The price of turkeys, a staple for many Americans at Thanksgiving, is at record highs this year due to inflation and a rise in the price of feed among other cost issues. Inflation is slowing, turkey prices are dropping and yet, somehow, Thanksgiving dinners will still cost more than they did last year.
Still, not all Thanksgiving mainstays are going to cost more, and the price of the traditional roasted-turkey centerpiece is falling. Retail prices for whole fresh turkeys were down 9% the week of Oct. 23, when the report was written, but have dropped even more since then, down 13% as of Oct. 30, said Michael Swanson, the institute’s chief agricultural economist. “We expect those prices to fall even more.
Not everyone is so optimistic on the cost of gobblers. Lower turkey stocks as a result of avian flu could hurt supply and support prices, said Justin Barlup, an analyst at Bloomberg’s Green Markets. Cream supplies are tight across the country, pressuring milk and dairy prices, according to the latest U.S. Foods Farmer’s Report. The report, from Oct. 27, also says that green beans from Georgia have seen crop damage due to hurricanes and rains over the past couple of months — crimping supplies headed into the Thanksgiving holiday.
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