If you’re planning on ponying up for this year’s Thanksgiving dinner, be prepared to spend some more money, as a new report finds the average cost of a turkey-fied feast has jumped more than 13% since last year.
According to the American Farm Bureau Federation’s annual survey of what it will cost to put on a Thanksgiving meal for 10 people, the average cost has increased to $49.20, a $5.73 price increase from the 2010 average of $43.47.
The survey looks at the costs for more than 10 of the items you’d find on a traditional Turkey Day table, including stuffing, pumpkin pie, sweet potatoes, rolls… and of course the bird.
The item most responsible for the cost increase is the turkey itself, which soared from an average of $17.66 for a 16-lb bird in 2010 to $21.57 in 2011, an increase of around $.25/pound.
“Turkey prices are higher this year primarily due to strong consumer demand both here in the U.S. and globally,” said an AFBF senior economist. “Retailers are being more aggressive about passing on higher costs for shipping, processing and storing food to consumers, although turkeys may still be featured in special sales and promotions close to Thanksgiving.”
The AFBF hastens to point out that, at under $5 per person, Thanksgiving dinner still is a pretty good deal.