The American Farm Bureau Federation's 31st annual informal price survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year's feast for 10 is $49.87, a 24-cent decrease from last year's average of $50.11.
The big ticket item - a 16-pound turkey - came in at a total of $22.74 this year. That's roughly $1.42 per pound, a decrease of 2 cents per pound, or a total of 30 cents per whole turkey, compared to 2015.
"Consumers will pay less than $5 per person for a classic Thanksgiving dinner this year," AFBF director of market intelligence Dr. John Newton said. "We have seen farm prices for many foods - including turkeys - fall from the higher levels of recent years. This translates into lower retail prices for a number of items as we prepare for Thanksgiving and confirms that U.S. consumers benefit from an abundant, high-quality and affordable food supply."
The AFBF survey shopping list includes turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk, all in quantities sufficient to serve a family of 10 with plenty for leftovers.
Foods showing the largest decreases this year in addition to turkey were pumpkin pie mix, milk and a veggie tray comprised of celery and carrots. A 30-ounce can of pumpkin pie mix was $3.13; a gallon of milk, $3.17; a one-pound veggie tray of celery and carrots, $0.73; and a group of miscellaneous items including coffee and ingredients necessary to prepare the meal (butter, evaporated milk, onions, eggs, sugar and flour), $2.81.
"Due to a significant expansion in global milk production, prices fell to the lowest levels since 2009, leading to lower retail milk and dairy product prices. Additionally, this year's pumpkin prices are slightly lower following the production decline and higher prices seen in 2015," Newton said.
Items that increased modestly in price were a dozen brown-and-serve rolls, $2.46; two nine-inch pie shells, $2.59; one pound of green peas, $1.58; 12 ounces of fresh cranberries, $2.39; a half-pint of whipping cream, $2.00; a 14-ounce package of cubed bread stuffing, $2.67; and a three-pound bag of fresh sweet potatoes, $3.60.
The average price is down slightly from last year to $49.87. After adjusting for inflation, the cost of a Thanksgiving dinner fell to $20.66 - the lowest level since 2010.
Although the classic Thanksgiving meal priced by Farm Bureau is considered modest by some, "we're fortunate to live here in America, where many people are able to enhance their holiday meals with another type of meat or additional side dishes or desserts," Newton said.
The stable average price reported this year by Farm Bureau for a classic Thanksgiving dinner tracks closely with the government's Consumer Price Index for food eaten at home. The most recent CPI report for food at home showed just over a 2% decline over the past year.