Thanksgiving dinner costs go down, but are still high

INDIANAPOLIS — Hoosiers can expect to spend approximately 2% less at the grocery store compared to 2023, according to Indiana Farm Bureau’s annual Thanksgiving market basket survey.

Hoosiers are paying an average of $53.31 for a Thanksgiving dinner for 10 people, or $5.33 per person.

Indiana’s market basket price is approximately 8% lower — or, 48 cents less — than the U.S. average price of $58.08, or $5.81 per person.

The cost is still 25% higher than it was five years ago.

“Growing the food families rely on for a Thanksgiving dinner can be a challenge for farmers because of input costs,” said Janis Highley, INFB second vice president.

“Just like consumers, farmers are price-takers, not price-makers, and the amount farmers are being paid doesn’t cover the increase of their input expenses.

“Nevertheless, Hoosier farmers find ways to streamline their operations and decrease costs of production. Many people don’t realize that Indiana is a top-producing state for turkey and pumpkins, so we have many local farmers to thank for our holiday meal this year.

“Turkeys also consume a significant amount of soybean and corn meal, top Hoosier farm commodities, so they’re important to our state’s economy, too.”

According to INFB Chief Economist Todd Davis, a main driver of the decrease in Indiana is the lower cost of the turkey.

Shoppers can expect to pay approximately $1.33 per pound for a whole turkey, or $21.22 for a 16-pound bird, which is about 17% less expensive than the national average of $25.67.

“Indiana ranks third in turkey production, with more than 8.4 million turkeys in the state, according to the latest U.S. Department of Agriculture’s Census of Agriculture,” Davis said.

“The turkey accounts for about 44% of the Thanksgiving dinner, so with Indiana in the heart of turkey production and with retail turkey prices down, it isn’t surprising that the turkey is more affordable this year, specifically in the Midwest.

“The concentration of turkey production in this region provides lower processing and marketing costs, which gets the turkey from the farm to the hands of the consumer efficiently.”

Other report highlights:

• Pumpkin pie filling will cost 22% less this year at $3.78 for a 14-ounce package.

• Pie shells and sweet potatoes cost less for Hoosiers this year.

• Only sweet potatoes, cranberries and the veggie tray are more expensive in Indiana this year than they are nationally, with sweet potatoes about 18% more than the U.S. average.

• The farmer’s share of this $53.31 market basket would be less than $8.50. The rest is for food processing, packaging, transportation, wholesale and retail distribution and food service preparation.

The total market basket price of $53.31 includes a 16-pound turkey, stuffing, sweet potatoes, rolls, peas, a carrot and celery veggie tray, whole milk, cranberries, whipping cream, ingredients for pumpkin pie and miscellaneous baking items.

Indiana’s survey is completed in conjunction with a national survey administered by the American Farm Bureau Federation.

More details about AFBF’s national Thanksgiving market basket results can be found at www.fb.org/newsroom.