What will that Thanksgiving dinner cost this year?
You probably saw this coming.
Yahoo reports that this year’s Thanksgiving dinner for 10 will cost more than $59 this year, up about $10 or so from last year.
Thanks to the drought, everything from livestock to dairy products to apple pie will cost more. The Drovers Cattle Network writes:
High feed costs have resulted in tighter livestock supplies and have even forced some farmers to exit the business. The USDA predicts milk prices will increase by 3.5 percent to 4.5 percent due to the smallest dairy herd in over a decade. Higher milk prices mean dairy products such as cheese and cream will increase by up to 10 percent.
Beef prices, which have declined earlier this year due to herd liquidations, are expected to increase by four or five percent as supplies tighten going into 2013. The Consumer Price Index shows the cost of a turkey is up 6.9 percent, about a dollar per bird.
But hold on. Reuters reports that Thanksgiving prices will be stable. And according to a new American Farm Bureau Federation Thanksgiving dinner price survey, a family of 10 can enjoy the typical Thanksgiving meal for $49.48. The meal includes a 16-pound turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray with celery and carrots and pumpkin pie with whipped topping.
The federation says many retailers locked in costs before the drought. So the rising prices will come later... perhaps in time for Christmas.
I guess the proof will be in your grocery aisle. By the way, here's a tip for pie makers: Pumpkins weathered the drought better than apples.