The cost of a standard Thanksgiving meal in 2024 will cost slightly less than a year ago but remains far higher than five years ago at the end of President-elect Donald Trump’s first term, according to an agricultural organization that tracks the meal’s annual cost.
The 39th annual American Farm Bureau Federation Thanksgiving dinner survey found that the groceries needed for a standard holiday meal to feed ten will cost $58.08 this year, down five percent from last year. But the bill remains 19 percent higher than pre-pandemic levels under Trump just five years ago.
“Consumers are exhausted from years of inflation, and it will take more than the past two years’ improvements to ease the pain,” the farm bureau’s report concluded.
In its regional breakdown, the survey found that people in western states will face an even greater cost ($67.05) for the same number of guests, followed by the Midwest ($58.90), the Northeast ($57.36), and the South ($56.81).
As prices dropped over the past year, farmers raised six percent fewer turkeys in 2024, the lowest number since 1985, according to the farm bureau. But the lower supply was offset by decreased demand from consumers, the survey found. The U.S. Department of Agriculture estimates that the per capita demand for turkey stands at 13.9 pounds per person, down a full pound from 2023.
On average, turkey has historically represented about 43 percent of the cost for a Thanksgiving meal. This year’s 44.2 percent number is on par with recent trends for a 16-pound bird.
Consumers aren’t the only ones who’ve suffered during a volatile economic environment. National net farm income will fall by $6.4 billion this year, according to the USDA.
“The long road to reduced inflation has exhausted many Americans, including farm families, who have been squeezed between falling prices for their output and higher prices for their inputs,” the farm bureau reported. “While consumers are getting some much-needed relief after years of elevated retail prices, these grocery bills also reflect some hard conversations around the dinner table for farm and ranch families.”