ICYMI: This Thanksgiving, Prices Are Down

We have a lot to be thankful for this Thanksgiving—including more progress bringing down inflation. Just in time for holiday travel, gas prices are down $1.70 from their peak, and airfares are down 13% and car rental prices are down about 10% over the last year.

And it's not just energy and transportation prices that are falling. As Americans start preparing Thanksgiving meals, grocery inflation is at its lowest level in over two years—with prices for eggs, milk, chicken, and fresh veggies lower than last year. According to the American Farm Bureau, the cost of a Thanksgiving dinner fell this year, and it's cheaper than last year to buy favorites like turkey, stuffing, pie crusts, and whipping cream. With wages rising, this Thanksgiving dinner is the second cheapest outside of pandemic years as a percentage of average earnings.

Read more below:

NBC News: Thanksgiving costs down this year from turkey to travel
[Vicky Nguyen, 11/16/23]

Prices for Thanksgiving essentials are down this year due to easing inflation, according to the American Farm Bureau. The average cost of turkey dropped about 5% from last year. Thanksgiving airfare is also down with airlines adding more flights.

CNN: Thanksgiving dinner will be less expensive this year. You can thank turkeys (and cooling inflation)
[Vanessa Yurkevich, 11/15/23]

The [American Farm Bureau Federation] says prices of turkeys are expected to drop further. The US Department of Agriculture (USDA) told CNN that with Thanksgiving now one week away, promotions for turkeys have reached their peak and that prices will be further reduced due to these discounts. The USDA says controlling the spread of avian bird flu also helped lower prices.

CNN: Gas prices are tumbling, just in time for Thanksgiving
[Matt Egan, 11/17/23]

Just in time for the Thanksgiving holiday travel rush, gas prices are tumbling fast. The national average price of regular gasoline is down by 55 cents a gallon over the past two months to $3.33, according to AAA. This exceeds the typical seasonal drop in gas prices during the fall and leaves the national average at a 10-month low.

Reuters: More peas please? Thanksgiving meal costs Americans less this year
[Howard Schneider, 11/15/23]

With gas prices and airfares falling it will be cheaper for Americans to get to Grandma's or wherever they celebrate Thanksgiving this year, and when they arrive they'll find another happy price shock: The turkey and sides will cost less than last year.

Financial Times: Falling fuel prices and airfares bring relief ahead of US Thanksgiving
[Claire Bushey, 11/15/23]

Americans are set to enjoy their least expensive Thanksgiving holiday since the pandemic, as falling transportation prices and lower costs for festive food basics such as turkey and potatoes bring relief after months of rampant economy-wide inflation.

CNBC: Thanksgiving dinner will be cheaper this year thanks to lower turkey costs, survey shows
[Jane Wells, 11/15/23]

Almost everything on the Thanksgiving menu is lower – prices for cranberries have dropped 18%. But the main reason for the decrease is due to the star of the show — the turkey. This year, a 16-pound turkey is averaging $27.35, down 5.6% from a year ago.

USA Today: Cost of Thanksgiving dinner may be cheaper as inflation gives up its seat at the table
[Jim Sergent, 11/17/23]

While food prices are in general a bit higher, your bill for a traditional thanksgiving dinner may actually be lower than last year's. On Wednesday, the American Farm Bureau Federation's annual Thanksgiving dinner cost survey showed prices are down 4.5% based its volunteer shoppers' reporting.

Wall Street Journal: Your Thanksgiving Costs, Broken Down
[Patrick Thomas, 11/16/23]

Thanksgiving gatherings are expected to look a lot more like they did prepandemic, as prices for turkey and travel moderate.

Spectrum News: Thanksgiving dinner will cost less this year, report says
[Susan Carpenter, 11/17/23]

Thanksgiving dinner hosts will be pleasantly surprised when they buy their turkeys and potatoes this year. […] The AFBF survey comes as the U.S. Bureau of Labor Statistics reported inflation fell to 3.2% last month, driven largely by lower energy prices. Food inflation fell to its lowest level since June 2021.

Fox Business: Gas prices dip further, bringing drivers relief ahead of Thanksgiving: AAA
[Chris Hindenach, 11/17/23]

The national average price of gas dipped to $3.34, a six-cent drop from the week prior, according to the latest report from AAA. Pump prices on average are 26 cents less than a month ago and 40 cents less than a year ago. […] "Drivers this Thanksgiving can expect cheaper gas prices," AAA spokesperson Andrew Gross said. "Ten states now have sub $3 a gallon averages, and more will join soon. And there are thousands of individual stations below $2 per gallon. So savvy drivers will find savings on their way to a turkey dinner this year."