Every year around this time, the American Farm Bureau Federation estimates the cost of a Thanksgiving dinner. Their estimate include enough turkey, stuffing, cranberries, pumpkin pie, and trimmings to feed a family of ten.
This year’s estimate comes in at $49.48, or just under $5/person. Compared to last year, than an increase of just $0.28 or less than 1%. Not surprisingly, the turkey (a 16 pounder in this case) is the biggest contributor to the total price and it also showed the largest absolute and relative price increase, going up $0.66 or 3%.
Interestingly, a number of items including whipped cream, stuffing, sweet potatoes, milk, cranberries, peas, pumpkin pie mix, and pie shells actually cost less this year.
Is this further evidence that people tend to overestimate the effects the inflation? Or is this an outlier? I’ll leave that up to you guys to decide… 🙂