Thanksgiving turkey will cost less than last year - but the vegetables will be an issue
Americans can expect to spend less on turkey but more on other Thanksgiving dinner items this year, according to the 2023 Wells Fargo Thanksgiving report.
Thrifty finance expert shares tips on how to save money on food shopping
It's almost time for the biggest feast of the year, so just how much is it going to cost?
A new report published by Wells Fargo on the 2023 Thanksgiving prices found that Americans will be saving on their turkey but spending more on their overall groceries.
Despite a decrease in food-at-home inflation to 2.4% since last October, the report, which was published on Wednesday, assured consumers that the overall cost of Thanksgiving dinner will remain on par with last year.
The report highlighted significant price variations between what supermarkets and consumers might pay for their Thanksgiving Day groceries.
On the positive side, the findings revealed that wholesale turkey prices have decreased by 30 percent.
However, consumers can anticipate a 9 percent reduction in the cost of turkey this year.
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Retail ham and russet potato prices have reached all-time highs, with a 5.2 percent and 14 percent increase, respectively, translating to $4.56 and $1.17 per pound in September.
Sweet potatoes have seen a relatively modest 4 percent price increase compared to 2022.
Cranberries present a mixed picture, with fresh cranberries expected to be 20 percent less expensive this year, while canned cranberries will cost 60 percent more.
Canned green beans have risen by nearly 9 percent compared to 2022, while romaine lettuce prices have decreased by approximately 10 percent.
Canned pumpkin prices are currently 30 percent higher than last year. The report also notes a general increase in prices for canned and packaged goods, with a nearly 25 percent rise.
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As for beverages, beer prices have increased by 5.3 percent, while wine prices have risen by a more modest 1.2 percent.
Interestingly, retail wine prices experienced a decrease during the first four months of 2023.
The report comes after Walmart announced that it will remain closed on Thanksgiving Day for the fourth straight year in a row.
The retail giant appears to discontinue a so-called "Black Friday" tradition that was in effect for decades prior to the decision.
"Thanksgiving is a special day, and we want our store associates to have the chance to spend it with their families and loved ones," John Furner, the retail giant's CEO, said in a statement.
