Higher prices expected as people shop for Thanksgiving meals
NASHVILLE, Tenn. (WSMV) - As shopping begins for the Thanksgiving holiday in two weeks, food prices may take a gobble at your wallets this year.
“I am hoping (to spend) about $75 or less. I don’t want to spend any more than that, but if I have to, I will take care of the family,” Will Darden said.
According to the American Farm Bureau Federation, last year the average cost of a Thanksgiving dinner for a party of 10 was $53.31.
However, with families expected to pay record high prices at the grocery store for turkeys there is a big possibility that number will go up.
“Americans can expect to see a higher price for their grocery bill when preparing their Thanksgiving meals,” Dr. Daniel J. Smith, Director of the Political Economy Research Institute and Professor of Economics at MTSU, said. “This is primarily driven by two things. One is actual real factors in terms of there being a reduced supply of turkeys unfortunately due to the emergence of the bird flu, but the other one is driven by inflation.”
Smith said there are also concerns about the supply of butter and flour due to lingering effects of Russia’s invasion of Ukraine.
“I’d like to see some relief bur right now the Federal Reserve has unfortunately been keeping rates much lower than they should be compared to the inflation that we have,” Smith said. “The only way to bring that inflation under control is to raise interest rates higher and they have been reluctant to do so.”
Despite the rising costs, some are getting creative as they look to save.
“I think what we will probably do is just get a turkey breast versus the entire turkey because a lot of it will go to waste. This way it will be less expensive and tasty at the same time,” Nashville musician Tim Gartland said.
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