Dig a Little Deeper For That Thanksgiving Turkey This Year
Be prepared for more sticker shock at the grocery store when you’re ready to purchase all those holiday favorites for Thanksgiving this year. Especially the turkey!
The most recent bird flu outbreak in the United States, combined with inflated prices on food, will likely mean higher turkey prices this year. Walter Kunisch, senior commodities strategist at Hilltop Securities Commodities said, “Hilltop estimates that commercial turkey production costs in Minnesota, the largest turkey-producing state, have risen 18% from 2021, and it expects those costs to be passed on to the consumer.”
The U.S. Department of Agriculture says turkey production this year is the lowest it has been in 10 years and is running 5% below 2012 levels. Industry analysts say consumers should expect whole turkey, 8 to 16 pounds, could be up as much as 23% this year. In all, turkey prices are expected to be double the amount they were in 2019 before the pandemic began. Forget about going smaller with a turkey breast instead of a whole turkey. Turkey breasts generally cost more than a whole turkey and those prices are expected to rise too. In general, higher prices are also expected to lead to lower demand for holiday food favorites this year.
Thinking about doing something other than turkey this year for the holidays? Economists say the cost of all meat has gone up, mostly due to the increase cost of feed. Industry experts recommend setting a budget for your holiday meals, and shop as early as possible, to make sure you can get find the ingredients you’re looking for.