Thanksgiving dinner is historically affordable this year

Farm data shows [sic] holiday meal staples are collectively at their cheapest, after adjusting for inflation, in nearly 40 years — not including the Covid-hit year of 2020.

By Jing Feng

You may not know it by looking at sticker prices in grocery aisles, but Thanksgiving dinner is more affordable than it has been in years.

The costs of this year’s holiday feast — estimated at $58.08 for a 10-person gathering, or $5.81 a head — dropped 5% since last year, the lowest level since 2021, according to a nationwide survey of grocery prices by the American Farm Bureau Federation, which represents millions of U.S. farmers. But the picture improves further when adjusted for inflation. (snip)

A defining feature of the post-pandemic recovery, and the 2024 election, is the divergence between Americans’ sour views of the economy and its underlying strength. Many shoppers understandably focus on price levels — the dollar value of the things they buy — rather than those purchases’ inflation-adjusted, or “real,” costs. The latter is the true test of affordability, since it reflects an often underappreciated piece of the inflation puzzle: wage inflation.

And indeed, while Thanksgiving food prices are up 19% since 2019, according to the AFBF, federal data shows median household wages growing by about 25% during the same period.

What’s more, “the average American also has to work fewer hours to buy the same meal than in previous years,” the report added. “Wages continued to grow faster following the COVID-19 pandemic, even as inflation cooled. Because average wages rose 4% from 2023 to 2024, it took 9% less work time for us to pay for this year’s Thanksgiving dinner.” (Emph. mine -A)

Snip-there is more, and being a mainstream news outlet, they are both siding the economy by including people’s feelings about it as opposed to the facts, but still. They could have been saying these things for the past year and a half, because I don’t know about where everyone else here lives, but our prices in S. Central KS have been lower again for at least a year and a half now. Prices went through the roof after DJT and Republicans allowed suppliers to do what they needed to to solve the supply chain crisis they made during COVID, and so suppliers raised prices so severely.

But maybe that’s not true where everyone lives, either.