Yahoo Finance reports that “Thanksgiving dinner essentials like turkey, cranberries and potatoes are more expensive than ever, leaving many Americans to wonder if it’d be cheaper to dine out.”
Brad Rubin, Wells Fargo Food and Agribusiness Sector Manager of Specialty Crops, says that “for that smaller family [of four] going out this year, which may be considered sort of a luxury for most, might actually have a lot of value there. Obviously, if you have a much larger family, economies of scale are at play, making the meal was probably going to be more economical in that particular instance.”
The story says that “in November 2021, the cost to dine out increased at a slower rate, up 5.79%, compared to the price of groceries, up 9.81%. This year the overall cost of a Thanksgiving basket costs 14.9% more than November 2021, per data pulled by Wells Fargo from the Bureau of Labor Statistics. That’s compared to the cost of dining out at some sort of restaurant for a Thanksgiving meal, up 5.8% in August from November 2021.
“Beginning with the ‘star’ of Thanksgiving — the turkey — customers can expect it to cost 23% more than last year, according to recent report from the USDA Economic Research Service. Per a pound, customers can likely expect to spend $1.64 per pound for a frozen whole-hen that that ranges from 8 to 16 pounds.”
KC’s View:
These stories continue to make me nuts.
Yes, food bought at the grocery store may have increased in cost more than food bought at a restaurant. But … you buy a decent sized turkey, and you have leftovers that may feed you for another day or two. Same goes for potatoes and stuffing and cranberry sauce.
Supermarkets have to start getting aggressive about battling this perception, before it gets out of hand. They can’t allow Wells Fargo and the restaurant industry to define the terms of the argument.
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