Here’s what will cost more and cost less this Thanksgiving

On November 14, 2024By Littum

(CNN) – Inflation-weary consumers may finally get some relief when shopping for this year’s Thanksgiving meal.

Overall, grocery inflation has slowed over the past year, and some of the centerpieces of the Thanksgiving table will be a little cheaper.

Thanksgiving customers will face ups and downs in prices this year, starting with the centerpiece of the meal, the turkey.

After a few years of price volatility, Wells Fargo says fresh turkey prices are largely unchanged this year compared to last year, when name-brand turkeys saw a 2% price drop from 2023.

Michael Swanson, chief agricultural economist for Wells Fargo, says conditions have improved for turkey farmers as the impact of bird flu has subsided.

“They mostly got through it, but the good news is feed prices are way down. We’ve had a couple of really good harvests of corn and soybeans in this country, so they can actually feed the birds for less,” Swanson said.

Filling, however, may be a more expensive sale with name brands up 9% and store brands up 3% with Wells Fargo citing declining labor and transportation costs.

“It’s one of those things where we still see a little bit of inflation mixed in there,” Swanson said.

Cranberries experienced a larger harvest this year, pushing supply up and name brand prices down.

“We’re seeing about 2% more cranberries produced this year in the U.S., according to the USDA. That always helps. So we’re seeing brand prices drop by percentage,” Swanson said.

Recognizing consumers’ post-pandemic inflation fatigue, major retailers like Aldi, Sam’s Club and Target are all offering meal deals for gatherings of four to 10 people.

A study by Butterball found that 98% of consumers expect inflation to affect their vacation plans, up from 79% in 2023.

Still, more than half of those surveyed did not plan to make any changes to save money.