Here’s How Much Thanksgiving Dinner Could Cost In FL; How To Cut Costs
FLORIDA — A traditional home-cooked Thanksgiving dinner could cost more this year as inflation continues to take a bite out of Floridians’ grocery budgets, but there are ways to save money without sacrificing family favorites.
The ingredients for a Thanksgiving spread for six will cost an average of $128.43 in the Tampa-St. Petersburg-Clearwater region, according to a study by the personal finance company MoneyGeek, which calculated the cost of Thanksgiving dinner in different cities. On average, Americans will spend about $157 cooking a meal for six.
The average cost of a whole fresh turkey in the Tampa metro is $10, according to MoneyGeek, which said turkeys purchased the week of Thanksgiving, they cost about 20 percent more.
In the Miami-Fort Lauderdale-West Palm Beach metro, the average cost for a full feast is $134.40, while the cost of a whole fresh turkey is $10.35 on average.
In the Cape Coral-Fort Myers area, the average cost for a full feast is $126.73, while the cost of a whole fresh turkey is $10.17 on average.
Turkey inventories have stabilized after widespread bird flu wiped out poultry flocks in 2023. Turkey production is up 2 percent, according to a U.S. Department of Agriculture report. That has translated to lower prices for the centerpiece Thanksgiving bird at the grocery store, with retail prices down about 2 percent from last year, according to the latest Consumer Price Index.
Also according to the October inflation report, apples cost 11 percent less and potatoes are down 1 percent, but the cost of the all-important holiday baking ingredient butter is up 8 percent from 2023.
Overall, grocery prices were about 1.1 percent higher this year than last and 28 percent higher than in 2019, according to the latest Consumer Price Index data from the Labor Department. Increases were found in six major food group indexes including meats, poultry, fish, eggs, and fruits and vegetables
Another study from Lending Tree isn’t as rosy. Its survey of nearly 2,050 U.S. consumers plan to spend an average of $431 on Thanksgiving food, drinks and decorations, up nearly 20 percent from 22. And more than a third (36 percent) say hosting Thanksgiving will be a financial strain that could put them in debt.
How To Save Money
One way to shave costs off the Thanksgiving grocery bill is to buy store (private label) rather than national brand products, according to a Wells Fargo Agri-Food Institute report.
For the analysis, Wells Fargo researchers created a shopping list of items commonly found on Thanksgiving tables, including turkey, stuffing, salad, cranberries, dinner rolls and pumpkin pie.
Using national brand products, the meal for 10 cost around $90 this year, down 0.5 percent from last year. But when store brands were chosen, the same grocery basket cost $73, which is up 2.7 percent from last year, but also $17 less than a meal prepared from name brand products.
While the general rule of thumb is that store brands cost less, that’s not always the case. In several categories, the national brands were less expensive or about the same cost as the store brand.
Here’s what the analysis by Wells Fargo Agri-Food Institute chief agricultural economist Michael Swanson’s take on store brand versus national brand when shopping for Thanksgiving staples:
Boxed stuffing: Prices are up about 9 percent over last year due to labor and transportation costs. The store brand has increased 3 percent, but consumers can save a couple of dollars by using it.
Prepackaged salad: Prices are down about 2 percent and store brands are down about 1 percent. The store brand is about $3 lower.
Cranberries: The price of a 12-ounce bag of name brand fresh cranberries is down 3 percent from last year, while the same size store brand bag costs percent more.
Dinner rolls: Bakery prices have increased about 28 percent since the coronavirus pandemic. Consumers can save about $4 on a package of 24 dinner rolls if they bought the store brand. However, the difference in quality or personal tastes may not be worth the savings.
Pumpkin pies: Name brand prices are up 1 percent and store brand prices are up 3 percent compared to the prices for an 8-inch pie a year ago. Some name brands can cost more, so consumers should keep an eye out for deals and discounts.
The American Farm Bureau Federation is expected to release its breakdown on the cost of a Thanksgiving meal later this month.
Here’s How Much Thanksgiving Dinner Could Cost In FL; How To Cut Costs originally appeared on the Tampa Patch
