As Thanksgiving approaches, grocery prices are on the minds of Michigan shoppers planning their holiday meal. Inflation remains a concern, but experts say some food costs are more affordable now than they were last year.
David Ortega is a professor and the Noel W. Stuckman Chair in Food Economics & Policy at Michigan State University. Ortega says grocery prices have risen more than 20% over the past four years.
However, he says this year’s inflation rate for groceries is just 1.1%, signaling that price increases are slowing.
“The good news is that rate of increase, which is what inflation really captures, that's moderating,” he said. “We're seeing those levels of food price inflation to be very similar to what they were prior to COVID.”
For Thanksgiving shoppers, this means some traditional items may be more affordable. Ortega says there are some staples that won’t cost as much as they did last year, including the price per pound of turkey and the ingredients for side dishes.
“When it comes to fruit and vegetables, especially fresh fruit and vegetables, we can expect costs to be, you know, significantly lower than they were last year,” Ortega said.
Ortega says egg prices are still up about 30% from 2023 due to ongoing avian flu outbreaks. This along with an increase in demand for eggs around the holiday season makes them one of the most inflated items on a grocery shopping list.
To help manage costs, Ortega suggests planning ahead with a detailed grocery list to avoid impulse purchases. He also recommends choosing store-brand items and hosting a collaborative potluck-style meal, so families can share the cost and reduce expenses during the holiday season.