Gobble gobble. Today is turkey day in the U.S. Approximately 60 million turkeys will be prepared and eaten during the Thanksgiving holiday.
In the U.K., Thanksgiving may only be celebrated by American expats, but the roast turkey constitutes a central part of the Christmas day feast. According to the British Turkey Federation, some 10 million Turkeys are devoured in the U.K. at Christmas each year.
An estimated total of £22 billion ($36 billion) is spent by U.K. households at Christmas -- an average of £835 per household. Of that, £161 goes on food and drink.
The British Turkey Federation says 76 percent of U.K. families serve up a roast turkey for their Christmas meal.
According to recent press reports, the retail price of the beloved turkey will go up 20 percent this year. "The Grocer" writes that the price of a frozen turkey weighing 5-6 kg was £17 last year and will be £20 this year.
But Paul Kelly, managing director of Essex-based Kelly Turkey Farms believes these fears seem overdone. He told CNBC: "I don't think it'll be 20 percent this year."
The price of a turkey is dictated by when farmers set their fees. This in turn is determined by the soya and wheat market or the cost of feed and it's an extremely volatile.
"It's like playing roulette," said Kelly. "You honestly don't know what's going to happen."