While last year’s cost of a Thanksgiving Day dinner was the lowest it had been since 2010, this year could be quite a bit different. A New York Times report says it could be the most expensive Thanksgiving dinner on record. Executives from major food companies like Nestle have already said consumers need to be ready for even more price increases.
During 2020, COVID-19 kept people from buying for big gatherings, and turkey prices were held down to get more shoppers. This year, turkey prices may see record highs, while the cost of other foods has also jumped significantly higher. Industry experts tell the New York Times that there isn’t just one culprit causing the spike.
The U.S. food supply has been hit by knots in the supply chain, the higher cost of transportation, a shortage of labor, trade policies, and bad weather. Inflation is also a problem. In September, the Consumer Price Index for food was 4.6% higher than 2020. Prices for meat, poultry, eggs, and fish were about 10.5% higher than last year.
