Current:Home > FinanceAs turkey prices drop, cost of some Thanksgiving side dishes go up, report says-InfoLens
As turkey prices drop, cost of some Thanksgiving side dishes go up, report says
View Date:2024-12-23 17:31:32
The price of the Thanksgiving centerpiece is expected to be lower this year while the side dishes may be more costly.
Turkey prices dropped this year for both wholesalers and consumers according to the 2023 Wells Fargo Thanksgiving report, released Wednesday.
Retail prices for a whole-fresh turkeys dropped 9% in October compared to the same month last year, stores saw their costs drop 30%.
The price drop is due to a growth in the supply of the bird as farmers added 2-3% more to their flocks in July, according to Michael Swanson, chief agriculture economist with Wells Fargo Agri-Food Institute.
Swanson also said that transportation costs factored into the price drops.
Protect your assets: Best high-yield savings accounts of 2023
“A year ago, refrigerated trucks were charging $3.80 per mile on average. Now, the most recent rate quoted by the USDA was $3.30 per mile,” Swanson told CNN.
Are we in a recession?US economy has been remarkably resilient so far
Open invitation:These strangers have shared Thanksgiving for 7 years, they want you to join for their 8th
Side dishes ding wallets
While consumers may be able to save on the star of the Thanksgiving meal, the savings could be offset by price jumps in the side dishes:
- Canned cranberries will cost 60% more this year (though fresh cranberries will cost 20% less)
- Canned green beans are up just under 9%
- Canned pumpkins are up 30%.
- Russet potatoes are up 14% to $1.17 per pound, an all-time high.
As turkey day draws near Swanson says there may be opportunities to mitigate consumer costs.
While sweet potatoes are up 4% this year, Swanson said, "the price is expected to come down before Thanksgiving as grocers become much more competitive with each other for consumers’ dollars."
Despite the mixed bag of price changes, Swanson noted that there may be an upside to a homemade Thanksgiving this year.
“Because turkey prices are down so much, and that’s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,” Swanson said.
Interest rates:Fed leaves rates unchanged, signals it's open to another hike as it fights inflation
veryGood! (9854)
Related
- Inspector general finds no fault in Park Police shooting of Virginia man in 2017
- 1 lawmaker stops South Carolina health care consolidation bill that had overwhelming support
- Julian Edelman: Belichick-Kraft backstage tension at Tom Brady roast could’ve ‘cut glass’
- Maui to hire expert to evaluate county’s response to deadly wildfire
- J.Crew Outlet Quietly Drops Their Black Friday Deals - Save Up to 70% off Everything, Styles Start at $12
- Family of 10-Year-Old Survivor in Quadruple Murder-Suicide Praise His Resilience
- 14-year-old soccer phenom, Cavan Sullivan, signs MLS deal with Philadelphia Union
- Horoscopes Today, May 9, 2024
- Michael Jordan and driver Tyler Reddick come up short in bid for NASCAR championship
- Several people detained as protestors block parking garage at Massachusetts Institute of Technology
Ranking
- Mattel says it ‘deeply’ regrets misprint on ‘Wicked’ dolls packaging that links to porn site
- Alabama lawmakers adjourn session without final gambling vote
- Justin Bieber’s Exes Sofia Richie and Caitlin Beadles React to Hailey Bieber’s Pregnancy
- Closure of California federal prison was poorly planned, judge says in ordering further monitoring
- Gerry Faust, former Notre Dame football coach, dies at 89
- Seattle to open short-term recovery center for people after a fentanyl overdose
- 'Real Housewives' stars Dorit and P.K. Kemsley announce 'some time apart' from marriage
- Officials removed from North Carolina ‘eCourts’ lawsuit alleging unlawful arrests, jail time
Recommendation
-
Patrick Mahomes Breaks Silence on Frustrating Robbery Amid Ongoing Investigation
-
Biden administration will seek partial end to special court oversight of child migrants
-
Chinese billionaire gets time served, leaves country after New York, Rhode Island straw donor scheme
-
OPACOIN Trading Center: Harnessing Bitcoin’s Potential to Pioneer New Applications in Cryptocurrencies
-
The Best Gifts for Men – That He Won’t Want to Return
-
Women are paying big money to scream, smash sticks in the woods. It's called a rage ritual.
-
Hornets hire Celtics assistant Charles Lee as new head coach
-
Financial executive convicted of insider trading in case over acquisition of Trump’s media company