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In this data briefing, we explore how the average prices of the American Thanksgiving Feast’s cornerstone items have trended in 2024 and since the start of the inflationary period.
The Inflating Waistlines
In order to make an omelet, you need to break a couple of eggs — and to break a couple of eggs, you will need to crack a few extra dollar bills in 2024. Eggs, which are a critical intermediary ingredient to any baked dessert worth making, are again seeing high levels of inflation this year. Compared to one year earlier, egg prices are up an eye-popping 30.4%.
Thankfully, the rest of the Feast is spared of too much additional sticker shock this year. The item on the table seeing the next-highest level of inflation in 2024 is that six-pack of brews brought by your relative who couldn’t be trusted to cook an edible side dish. Nevertheless, beer prices are only up by a marginal 2.6% compared to one year ago.
The Deflating Floats
Deflation isn’t just for the hopes and dreams of NY Giants fans in 2024 — there is plenty to be found on the dinner plate as well.
Whether you are on Team Turkey or Team Ham, your grocery store has good news for you: the price of both proteins has dropped in the past year. In the past twelve months, turkey prices are down by a salivating 3.9%. Meanwhile, ham prices, for their part, have slid by an average of 2.0% over the year ending in October 2024. Turning to the ever-important side dishes, potatoes are seeing their prices served mashed, sliding by an average of 1.5% year-over-year.
Post-Pandemic Pricing Eggs-istentialism
While 2024 has provided a pricing reprieve for many Thanksgiving staples, it remains the case that the Feast’s components still cost substantially more than a few years earlier.
Unsurprisingly, eggs are the line item with the most cumulative post-pandemic inflation. Egg prices have risen by double-digit growth rates in three of the past four years, resulting in a total increase of 61.9% since 2020. Flour and prepared mixes (+35.6%), bakery products (+27.0%), sauces and gravies (+25.4%), and turkey (+22.5%) prices have also seen considerable price pressures in the pandemic’s aftermath.
Meanwhile, distilled spirits (+5.4%) and wine (+5.1%) have both seen benign price pressures since 2020, which is a fact worth raising a glass to.
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