CLARKSBURG, W.Va. (WBOY) — A new analysis from financial experts at Wells Fargo’s “Food for Thought” suggests that due to inflation and other issues, a Thanksgiving meal out may actually be cheaper than the traditional homemade dishes this year.
While eating out is normally a more costly option, consistent inflation as well as other issues impacting Thanksgiving food ingredients specifically have the tables turning this year.
The financial analysis cites figures from the Consumer Price Index (CPI) and shows that as of August 2022, the cost of the Thanksgiving Basket for a homemade meal had increased by 14.9% from last November, compared to an increase of 5.8% for food away from home. A standard trip to the grocery store was up 9.81%, according to the report.
While the state of the economy is responsible for a lot of that increase, it isn’t responsible for all of it.
The report cites delayed potato and onion crops in the Pacific Northwest, decreased celery, carrot, and onion yields in California and Highly Pathogenic Avian Influenza taking a toll on turkey supplies.
Expect turkey to cost more per pound as a result. It’s forecasted to be 23% more expensive this year, the report said; to save as much as possible, go bird shopping sooner rather than later.
Dry conditions on the East Coast forced cranberry farmers to irrigate more, hiking the prices of the Thanksgiving side, according to the report, though the increase is expected to affect fresh cranberries more than their canned counterparts.
As far as potatoes go, a cool Idaho spring followed by extreme heat in the region meant that potatoes experienced a short crop. Though, the report said that sweet potatoes are actually experiencing a surplus this year, so they might actually be a better budget option.
Click here to read the full report.