(WTNH) – Now a countdown to Thanksgiving, just 22 days until the big family feast. This year, a traditional dinner could bust your budget. We are Stretching Your Dollar with a food cost forecast.
It’s that time of year! Thanksgiving is right around the corner and now new details are coming out on what everyone’s favorite turkey dinner might cost.
“Things are going to be a little bit more expensive this year than last year. Turkey’s kind of the exception to the rule this year that is actually cheaper than a year ago,” said Dr. Michael Swanson, Wells Fargo Agri-Food Institute’s Chief Agricultural Economist.
Wells Fargo reports while inflation has started to slow down, this year’s dinner will not be any more affordable.
Some products still have rising price tags. Ham is at an all-time high with a price of $4.56 a pound in September. That is up 5 percent from last year.
Canned cranberries are up 60 percent. Although the centerpiece bird, turkey, is averaging $1.47 a pound, which is down 9 percent from last year.
“A lot of times the can prices represent what happened a year ago because it takes a long time to prepare them and put them into supermarkets. So last year there was a labor disruption, there was a packaging disruption. So the cranberry prices in a can represent what was happening a year ago,” Dr. Swanson said.
Experts say grocery stores are marking up products from wholesale prices higher than they ever have before. However, there are some ways to get the most out of your feast.
Watch out for falling turkey prices closer to Thanksgiving, buy fresh fruits and veggies and opt for wine over beer.
Economists say the supply chain is doing very well. Stores have good product availability.
Make sure to keep your eyes open for features and promotions because this year you’re not going to worry about not finding it. You just have to try to find the best price.