(WHTM) – Thanksgiving is less than a week away and if you haven’t already, it’s about time to go grocery shopping. But will your grocery bill be more expensive or cheaper this year?
There is some good news, experts abc27 spoke with say your holiday meal this year will be cheaper than last year.
“I will tell you; it is still a price increase from prior to the COVID times,” said Karns Food President Scott Karns.
Karns pointed out bread stuffing is down; potatoes are down about 20%. All vegetables are also down including broccoli by about half the price.
“The vegetables are where the big drop is. Last year we had a lot of flooding on the East Coast and there weren’t vegetables around and it just put high demand on it, and it drove up the prices,” said Karns.
Turkey prices are also down, but why?
“Well, last year we had the avian flu, and that drove up the price. This year we have avian flu, still around, but it’s much lower. So, the crop of turkeys is much larger and that’s what drove down the price,” said Karns.
The U.S. Bureau of Labor Statistics recently released its Consumer Price Index report. It shows inflation has slowed.
In October 2022, the price index for food was more than 10%, and in 2023 it was down to 3%.
The Mid-Atlantic Region is lower than the National Numbers.
“So, seeing that decrease come down over the month and leading into October, the prices were still high, but the sticker shock value wasn’t as drastic as it was last year,” said The U.S. Bureau of Labor Statistics Economist Yaa Opoku-Agyeman.
The American Farm Bureau Federation says the average cost for ten people at Thanksgiving this year is about $61.17, that’s down 4.5% from 2022.