Farm Bureau survey finds Thanksgiving to be the most expensive yet as cost rises 20%

Thanksgiving dinner will cost 20% more this year compared to last year, according to a Farm Bureau survey published Wednesday, with the market signaling record-high prices for the second year in a row.

The average cost to feed 10 people for Thanksgiving will be $64.05, or under $6.50 per person, the Farm Bureau said. This is a $10.74 or 20% cost increase from 2021's average of $53.31, which was also a record high at the time, according to historical data.

The Farm Bureau's survey includes prices for turkey, stuffing, rolls with butter, sweet potatoes, cranberries, a veggie tray, peas, pumpkin pie with whipped cream and coffee with milk, all in sufficient quantities for 10 people.

"General inflation slashing the purchasing power of consumers is a significant factor contributing to the increase in average cost of this year’s Thanksgiving dinner," Farm Bureau Chief Economist Roger Cyran said, adding: "Other contributing factors to the increased cost for the meal include supply chain disruptions and the war in Ukraine."

Inflation last month was 7.7% higher than the previous October. The latest consumer price index also showed that food prices have risen 12.4%.