The price of this year’s Thanksgiving feast for cost-conscious shoppers who buy store-brand products will be more expensive than last year, according to a report released Tuesday.
A meal consisting of store labeled turkey, stuffing, salad, cranberries, dinner rolls and pumpkin pie that feeds 10 people will cost $73 — a 2.7% increase from last year, an analysis by the Wells Fargo Agri-Food Institute found.
Meanwhile, the same meal using private label products saw a slight decrease of 0.5% to $90, the study showed.
The cost of name-brand turkeys – which account for three of every four birds sold – has declined by 2%, while the price of store brand turkeys have grown 5%, according to the report.
“Food inflation broke loose from its restraints, and many name brand food companies tried to establish the new normal, but seemingly, some of their price points were a bit too high,” the Wells Fargo report said.
Bread products – including dinner rolls and fan-favorite stuffing – are the most inflated Thanksgiving food items.
Both name brand and store brand dinner roll prices increased 3% since last year, according to the report. Bakery product prices in general have soared 28% since the pandemic, the report found.
Overall, grocery store prices rose 1.3% year-over-year through, according to the Consumer Price Index.
“Budgeting for Thanksgiving might be challenging for consumers still acclimating to historic food price increases,” the report said.
