Diving into Thanksgiving prices ahead of the big meal
SOUTH BEND, Ind. -- According to the Indiana Farm Bureau’s Thanksgiving Market Basket Survey, Hoosiers won’t see a big change in the cost of Thanksgiving dinner this year compared to 2024. The survey shows that in Indiana, the average cost for Thanksgiving dinner is $53.62 for 10 people, which comes out to $5.36 per person. Last year, it was $53.31.
INFB Chief Economist Dr. Todd Davis says the Market Basket survey is a snapshot of what shoppers found between November 1 and 6.
“For 39 years, the American Farm Bureau Federation has been conducting a Market Basket Survey, where they have our volunteer shoppers go out and buy a list of items that would make a traditional Thanksgiving meal that would have 10 servings. Indiana Farm Bureaus has been doing this survey since 1993 and in conjunction with the American Farm Bureau survey, and our survey found just a slight increase, about a 1% increase over last year,” said Davis.
According to the INFB, Indiana’s market basket price is 16 cents lower than the U.S. average price of $55.18.
Additionally, the U.S. Bureau of Labor Statistics Consumer Price Index shows an increase in food at home prices by 2.7% year-over-year. The INFB says that reflects the cost of Thanksgiving food in Indiana.
According to Davis, some produce has increased in price this year, like carrots and celery, sweet potatoes, pumpkin pie filling, and peas.
Davis says the star of the meal, the turkey, accounts for 39% of the overall cost of the Market Basket, valued at $53.62.
“Our shoppers found a frozen turkey to be about 1% lower than last year. Keep in mind that this was the first week of November, before the supermarkets have started their promotional sales for the holiday, and shoppers may find this turkey to be even cheaper than what our shoppers found in early November,” said Davis.
ABC57’s Jordan Tolbert asked Davis why frozen turkeys are often a lot cheaper than fresh ones.
“Supermarkets know when the demand for Turkey is going to occur. It's going to be at Thanksgiving and Christmas, and so they're able to purchase these frozen turkeys weeks in advance, seasonality, when the turkey is cheaper, and that's how the supermarkets are able to pass those cost savings on to the consumer,” said Davis.
Davis shares some advice for shoppers:
“I would encourage shoppers to with their list to compare all the options. Maybe the cheapest option is a name brand. Maybe it's a store brand, but just to shop around to see what is the cheapest item on your list, and that's going to help your food dollar go even further,” said Davis.