ATLANTA — With the holidays approaching and inflation already taking a toll on grocery budgets, here's a look at just how much Thanksgiving meals will cost this year-- and how you can try to gobble up some savings.
Prices this year
First, good news for the turkey. According to a 2023 Wells Fargo Thanksgiving financial report, the birds will cost shoppers 16% less, or .$26 per lb, to buy in the store this year-- compared with last November.
However, your turkey savings will go to put ham and sides on the table.
Ham prices are at an all-time high, with a price of $4.56 per lb in September 2023, up 5.2% from September 2022, the report states.
Russet potatoes are also at a record high, with costs coming in at $1.17 per lb. in September 2023, up from $1.08 in September 2023.
And the price of sweet potatoes isn't so sweet-- prices are currently up 4% from a year ago, according to the report.
The price increase is even higher if you plan on making green bean casserole. On average, canned green beans are up nearly 9% compared to last year.
Cranberries aren't so cran-tastic, either, depending on the type you like. Shoppers can expect to pay about 20% less for fresh cranberries than last year, while canned cranberry sauce is up 7%.
However, if you're looking for a healthier side, leafy greens are down in price. Romaine lettuce, specifically, has declined approximately 10% from a year ago.
And you can't forget the pumpkin pie! If you're looking to make your own-- costs for canned pumpkins are currently 30% higher this year than last year.
Shoppers can read the full breakdown from Wells Fargo online here.
How to save
Personal finance company NerdWallet suggests these tips for shoppers and their wallets:
- Set a spending limit
- Research budget-friendly recipes
- Make a shopping list
- Shop in-season foods
- Spread out your spending
- Make it a potluck
- Make the most of any leftovers