Turkey Day Will Gobble a Bigger Bite From Your Wallet

Planning a turkey dinner with all the fixings? Plan to spend a bit more than you did last year.

It should cost an average of about 6 percent more to put a traditional Thanksgiving Day dinner for 10 on the table, according to a survey from the American Farm Bureau Federation.

Source: foodnetwork.com

This year's feast will cost an average of $44.61, up $2.35 from last year's $42.26, according to the AFB.

The bulk of the increase comes from the traditional star of the Thanksgiving table: The cost of a 16-pound turkey, at $19.09 or roughly $1.19 per pound, reflects an increase of 9 cents per pound, or a total of $1.46 per turkey compared to 2007.

You'll also pay about 30 cents more for rolls, 20 cents more for pumpkin pie and about 30 cents more on cranberries.

“Food prices rode the energy-price rollercoaster up during the first half of 2008 and as the year winds down, energy prices have moderated somewhat but food prices have not come down,” said Jim Sartwelle, an AFBF economist.

Perhaps, holiday hosts can take solace in the fact that this year's dinner will cost less compared with 1988 when the effects of inflation are removed.

Cost of a Turkey Dinner

2007 Price
2008 Price
16-pound turkey $17.63 $19.09 +$1.46
Cube stuffing, 14 oz. $2.40 $2.57 +$0.17
Pumpkin pie mix, 30 oz. $2.13 $2.34 +$0.21
Pie shells $2.08 $2.26 +$0.18
Sweet potatoes, 3 lbs. $3.08 $3.12 +$0.04
Rolls, 12 $1.89 $2.20 +$0.31
Green peas, 1 lb. $1.46 $1.58 +$0.12
1-pound relish tray $0.66 $0.82 +$0.16
Milk, 1 gallon whole $3.88 $3.78 -$0.10
Fresh cranberries, 12 oz. $2.20 $2.46 +$0.26
Cream, 1/2 pint $1.56 $1.70 +$0.14
Misc. ingredients $3.29 $2.69 -$0.60
Total $42.26 $44.61 +$2.35
Source: American Farm Bureau Federation


Latest Special Reports

  • In this ever increasing volatile world only leaders who can manage fast change can survive and prosper.

  • Famous founders reveal their secrets on how to build an iconic company—and change the world in the process.

  • Inside the market's biggest sectors with a look at the trends, companies and trades netting profits for investors.