It is going to cost more to feast on turkey, ham, and mashed potatoes at this year’s Thanksgiving dinner.
According to the American Farm Bureau Federation (AFBF), the typical Thanksgiving dinner includes the staples of a 16-pound turkey, a gallon of milk, potatoes, ham, and dinner rolls.
U.S. Department of Agriculture (USDA) data (pdf) show that an 8- to 16-pound turkey costed $1.99 per pound last week, up from $1.15 a year ago. This represents almost a 75 percent increase.
” … You eat, but do not have enough;
You drink, but you are not filled with drink …” Haggai 1:6
Boneless ham has increased 13.6 percent in September from a year ago to $5.50 per pound, data from the Bureau of Labor Statistics (BLS) show. White potatoes have spiked 27.7 percent to $1.02 per pound, while white bread has climbed 10.7 percent to $1.75 a pound. A gallon of fresh whole milk has surged 16.6 percent to $4.18.
The wide range of miscellaneous ingredients has also increased at a significant rate over the last year, including butter (26.6 percent), flour (24.4 percent), spices and seasoning (13.8 percent), sugar (17.1 percent), sauces and gravies (16.3 percent), and coffee (15.7 percent).
Overall, food prices have soared over the last year, with the BLS food index climbing at an annualized pace of 11.2 percent. Grocery store prices spiked 13 percent year-over-year in September, while the cost of visiting a restaurant has risen 8.5 percent compared to the same time a year ago.
Soaring food prices have been driven by a broad array of factors, including volatile weather conditions in key growing areas, the Ukraine-Russia conflict, surging energy prices and labor costs, and the Avian flu.