Additional reporting by Patricia Louis, Optimization Editor, Forbes Advisor.
If you’re hosting Thanksgiving dinner this year, prepare yourself for a more expensive feast.
Food prices continue to be a pain point for many Americans, with groceries up 25% since March 2020, according to the Bureau of Labor Statistics.
While the rate of increase has slowed in 2024, prices are still climbing due to less-than-stellar crop conditions, increased consumer demand and supply chain issues.
As you make your shopping list, here’s what you can expect to spend more on, as well as a few tips to prevent them from gobbling up your budget.
Keep in mind that prices may vary based on store, location and time of purchase, so it may pay to shop around.
Eggs
If you’re making your casserole, stuffing or pies from scratch, expect them to be more expensive than they were last year since egg prices have increased 62% over the last 12 months, according to the Federal Reserve Bank of St. Louis and U.S. Bureau of Labor Statistics.
Why are egg prices so high?
More than 107 million birds, many of which are commercial poultry that produce eggs, have been affected by the bird flu since 2022, according to the CDC. Then there’s the normal increased, demand for eggs around Thanksgiving since they’re needed for many traditional dishes and desserts.
Dinner Rolls
The cost of dinner rolls is on the rise, up about 3% from a year ago, according to an analysis from the Wells Fargo Agri-Food Institute, with bakery products in general seeing a 1% increase over the last year, according to the BLS. Increased demand for ingredients (including eggs), supply shortages and overall increased consumer demand can be attributed to these price increases.
Stuffing
Stuffing, a Thanksgiving table favorite, is also on the rise. Wells Fargo reports that the cost of boxed stuffing mix is up about 3% for store-brand and about 9% for name-brand this year.
This price increase is attributed to increased costs of labor and the necessary ingredients involved in its production, including flour, which has seen a 0.4% increase in price since last year.
Pumpkin Pie
Even sweet desserts this year will come with a bitter price. If pumpkin pie is on your menu this year, it’ll cost you about 3% more for store-brand and about 1% more for name-brand, according to the Wells Fargo analysis. Increased ingredient costs of eggs, flour and more expensive labor costs means opting for a pre-made pie will cost you more this year.
Feast Without Financial Strain
It’s true that hosting Thanksgiving dinner might be a financial challenge this year, but by employing a few straightforward strategies, such as sticking to a budget and getting creative with your recipes, you’ll avoid overspending while still serving a delicious holiday meal for the people you love.
Have a potluck. If your guest list is extra long, consider asking each guest to help out by bringing a dish of their own so that you don’t have to cook everything yourself. This can help you save time and money and ensure everyone’s favorite dishes are served.
Buy a Thanksgiving budget meal. Several major retail stores such as Target, Aldi, Costco, Walmart and Sam’s Club are offering inexpensive holiday dinner meals. Some options can cost as little as $7 per person. Consider making your purchase with a credit card that offers points on grocery purchases or cash back to maximize your earning potential. Just remember to pay the balance off in full to avoid your savings being wiped out by interest charges.
Scale back the menu. If you find yourself making multiple versions of different dishes, such as a pumpkin pie and an apple pie, maybe consider doing just one this year to stay within your budget and reduce food waste. Additionally, consider sticking to the crowd-pleaser or staple dishes instead of offering an extensive spread.