As the holiday season approaches and inflation continues, Americans could finally see a break when buying groceries for Thanksgiving, but mostly when it comes to the turkey, according to multiple reports.
As of October, turkey prices have dropped by 13 percent compared to last year, when Americans saw prices soar by 75 percent, according to the New York Post. It is now estimated that the average retail price for a 10 to 15 lb bird is over 20 cents cheaper, dropping from $1.62 to $1.40, Fox Business reported.
The reason for the collapse, according to the outlets, is due to an excessive supply of turkeys from farmers this year. (RELATED: Florida Roofing Company Offering Free AR-15, Turkey With Every Purchase)
“They put in a couple million extra turkey in July of this year versus the previous year and that additional supply is forcing them to be very aggressive selling their turkeys to the supermarket at a much lower price,” Wells Fargo Agri-Food Institute Chief Agricultural Economist Dr. Michael Swanson told Fox Business.
NEW YORK, NEW YORK – NOVEMBER 24: Tom Turkey by Macy’s float is waiting for the parade to start during 96th Macy’s Thanksgiving Day Parade on November 24, 2022 in New York City. (Photo by Eugene Gologursky/Getty Images for Macy’s, Inc.)
Target has already assured customers that they will be offering a Thanksgiving dinner for a family of four, including a turkey weighing at least 10 lbs, for $25, according to their website.
However, while turkey prices have come down, canned goods and other Thanksgiving items prices are not expected to drop similarly, according to Fox Business. (RELATED: Thanksgiving Weekend Shopper Turnout Hits Record High)
Due to an uptick in packaging, labor, and transportation costs, everything canned has seen a significant price increase this year, Swanson told Fox Business. Canned items such as cranberries are up nearly 60 percent, green beans saw a nine percent rise, and canned pumpkin has seen a 30 percent bump, according to the New York Post.
Prices for fresh fruits and vegetables have also jumped about one to two percent, Swanson told Fox Business. However, the economist added that while some prices may be up, shoppers could see a potential drop as Thanksgiving draws closer.
“Russets come out of the Pacific Northwest. A year ago the region had a tremendous drought, which cut supply,” Swanson said, according to the New York Post. “Moving into this year’s harvest, it was a much better year, and so we’re expecting prices to drop.”
Many Americans already saw this year’s Halloween candy prices exceed the previous average as inflation increased prices by 12.8 percent from 2022.