Inflation, labor costs drive up price of Thanksgiving dinner
Your Thanksgiving dinner will cost a little more this year than in 2020.
The American Farm Bureau Federation says a Thanksgiving feast that includes turkey, stuffing and a handful of other staples costs 14% more this year.
That averages out to just under $6 per person.
The increase is a reflection of inflation and the ongoing supply and labor shortage that’s plagued the U.S. economy in recent months.
Michigan Farm Bureau Senior Industry Relations Specialist Ernie Birchmeier says farmers only earn about 15 cents on the dollar for every Thanksgiving meal due to the cost of processing, shipping and retail.
“Farmers are price takers and not price makers, so those additional costs that the farmer has to pay for, they absorb those into their expenses, and they’re not able to pass those costs along to the consumer,” Birchmeier said.
Birchmeier notes that total food costs are lower this week than they were in October, when the annual survey was conducted.