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The cost of turkey is up this year compared with last year, partly because of inflation and avian influenza. But with stores offering discounts, the price increase will be smaller than some social media posts suggest.
Prices for regular unleaded gasoline are up about 25 cents per gallon compared with last year and are projected to set a Thanksgiving Day record. But gas prices have steadily fallen since their summer peak.
Surveys show inflation is top of mind as we enter the holiday season. Shoppers say they plan to spend a bit less on holiday gifts this year, and are hunting for bargains to combat the rising costs on things like shipping and Christmas trees.
Americans will pay more for their Thanksgiving dinners this week, and inflation likely will be on their minds afterward, as they plan holiday season travel and gift giving.
But things aren’t as dramatic as some are saying.
"Good luck getting a Turkey for Thanksgiving," former President Donald Trump said on Nov. 15 at his Mar-a-Lago club in Florida, when he announced his third run for president. "Number one, you won’t get it. And if you do, you’re going to pay three to four times more than you paid last year."
Trump’s daughter-in-law, Lara Trump, took it further, arguing that higher prices for the holidays are a Democratic plot to divide Americans.
"They don’t want us to have any common ground. They don’t want us to have any shared traditions, like Thanksgiving," she said in a segment on Fox News.
But the former president is way off base about the current price and availability of turkeys, and increased costs aren’t stopping families from gathering for Thanksgiving, travel forecasts show.
Here’s a look at how inflation may affect your holiday plans, from food to travel and gift-giving.
The American Farm Bureau Federation released its annual survey of Thanksgiving meal prices Nov. 16, which said consumers will spend $64.05 to feed 10 guests this year. That’s $10.74 more than last year, a 20% increase.
The Farm Bureau said a 16-pound turkey is expected to cost $28.96. That’s $1.81 per pound, a 21% increase from last year’s prices — not the three- or four-fold increase Trump claimed.
But now, prices are lower than the Farm Bureau’s projection. Its forecast was based on volunteer shoppers checking prices from Oct. 18 to Oct. 31, before many grocery chains began offering holiday discounts on whole frozen turkeys, the Farm Bureau said.
In retail advertisements for Nov. 18 to Nov. 24, the weighted average price of a frozen hen was $1 per pound, according to the latest report from the U.S. Department of Agriculture. That’s $16 for a 16-pound bird, up 7.5% from a year ago. Prices vary widely by region, the USDA said.
Roger Cryan, chief economist for the American Farm Bureau Federation, attributed higher food costs to inflation; fuel and fertilizer costs; supply chain disruptions and the war in Ukraine. Increased feed costs for farmers and a slightly smaller flock this year have affected turkey prices particularly, the Farm Bureau said. Many regions have seen shortages because of an avian flu outbreak that has reduced the turkey population.
Food costs have risen more than other items. The Consumer Price Index, a measurement of changes in the retail prices of goods and services, shows inflation overall was up 7.7% year over year in October, but food costs at home are up 12.4%, according to the Bureau of Labor Statistics.
Still, Americans should have no trouble finding turkeys at grocery stores, Cryan said.
"Our system works well. Typically we don’t see shortages, we would just see price adjustments," said Cryan.
Holiday travelers at Logan International Airport, Nov. 21, 2022, in Boston. (AP Photo/Charles Krupa)
Inflation doesn’t seem to be slowing Thanksgiving travel. The Transportation Security Agency said it expects to screen more than 2.5 million passengers the Sunday after Thanksgiving, close to pre-pandemic levels. And the American Automobile Association expects a slight rise in the number of people traveling 50 miles or more from home by car for Thanksgiving.
Drivers will pay record prices at the pump, according to GasBuddy, a tech company that lets app users find real-time gasoline prices across the country.
The site projects a national average of $3.68 on Thanksgiving Day, 20 cents higher than the Thanksgiving Day record of $3.44 set in 2012, according to a Nov. 16 blog post.
Although prices for regular unleaded gas remain about 25 cents per gallon higher than a year ago — $3.63 this year, compared with $3.40 in 2021 — they’ve been decreasing from a peak of about $5 per gallon in June, according to AAA.
Looking ahead, AAA told PolitiFact there’s no reason to expect a major spike in gas prices before the end of 2022.
The average domestic airplane ticket, meanwhile, will cost about $380 for last-minute Thanksgiving tickets, up about 8% from this time last year, the travel site Hopper reported Nov. 20.
For the week of Christmas, a domestic plane ticket will cost $370, up 7% from last year.
Other holiday travel costs vary compared with the previous year:
Car rental prices in October were 3.5% lower than the year before, according to Consumer Price Index data released in November by the U.S. Bureau of Labor Statistics. Car rentals around the Thanksgiving holiday are around $62 per day, down 22.5% from $80 per day the year before, according to Hopper. Christmastime rentals are expected to cost about $65 per day.
Hotel prices are up from last year. The average hotel room for Thanksgiving travelers is $173 per night, a 14% increase from last year. For Christmas, that will increase to $202 per night, also up 14% from a year ago. Costs vary by destination; hotel stays in cities such as New York (up 25%), Chicago (up 17%) and Charlotte, North Carolina, (up 66%) will cost you more, but a stay in Las Vegas is 17% cheaper, according to AAA figures.
Black Friday shoppers in Commerce, Calif., Nov. 26, 2021. Inflation this year will have holiday shoppers looking for savings wherever they can.
Shoppers are factoring in inflation when they make their lists this year, surveys have found. Some are even checking twice to strategize ways to save, such as shopping earlier, hunting for discounts, choosing different brands and buying gifts for fewer people.
Still, the National Retail Federation, the world’s largest retail trade association, is forecasting holiday retail sales growth of 6% to 8% this year, though the numbers are not adjusted for inflation.
Much of that growth is driven by households making more than $150,000 a year, which will spend $327 more than last year, the federation said. By comparison, households making less than $75,000 will spend $606 on average, down from $655 last year.
Inflation isn’t equally affecting the cost of traditional gifts. According to October Consumer Price Index numbers released in November, consumers are paying more for toys (up 3.1%), apparel (up 4.1%) and jewelry and watches (up 2.5%). But electronics prices have dropped, with smartphone costs down 22.9%, computers down 3.1% and televisions down 16.5% year over year, data shows.
Consumers and businesses should expect to pay more for shipping, including holiday surcharges, on top of already increased costs because of inflation — delivery services were already up 13.9% from a year ago, CPI data shows.
The U.S. Postal Service in October began a temporary price hike for packages during the peak holiday season, which it said was similar to increases in years past. FedEx and UPS also have again added surcharges for the peak holiday season, mostly affecting large-volume shippers, according to the trade publication Supply Chain Dive.
Meanwhile, for the first time, Amazon has added a holiday surcharge for third-party sellers who use its fulfillment services.
Even your Christmas tree is expected to cost more this year. With increased costs for shipping, fertilizer, trucking and more, U.S. consumers may pay 5% to 20% more than last year for real and artificial trees, American Christmas Tree Association Executive Director Jami Warner told ABC’s "Good Morning America."
U.S. Bureau of Labor Statistics, "Consumer Price Index – October 2022," Nov. 10, 2022
American Farm Bureau Federation, "Farm Bureau Survey Shows Thanksgiving Dinner Cost Up 20%," Nov. 16, 2022
Roger Cryan, chief economist for the American Farm Bureau Federation "Thanksgiving webinar," Nov. 16, 2022
U.S. Department of Agriculture, "Avian flu outbreak reducing 2022 turkey production," accessed Nov. 20, 2022
U.S. Department of Agriculture, "National retail report: turkey," Nov. 18, 2022
Transportation Security Agency, "TSA is prepared for more travelers at airport security checkpoints this holiday travel season," Nov. 17, 2022
Email exchange with Aixa Diaz, a spokesperson for the American Automobile Association, Nov. 20, 2022
AAA, "Thanksgiving Travel Ticks Up, Just Shy of Pre-Pandemic Levels," Nov. 15, 2022
AAA, "National average gas prices," accessed Nov. 22, 2022
Data provided by Hopper, Nov. 20, 2022
GasBuddy, "Highest Thanksgiving gas prices ever, yet 20% more Americans plan to hit the road," Nov. 15, 2022
PNC, "Christmas price index"
National Retail Federation, "Winter holiday FAQs"
National Retail Federation, "NRF Predicts Healthy Holiday Sales as Consumers Navigate Economic Headwinds," Nov. 3, 2022
National Retail Federation, "2022 NRF Holiday Retail Sales Forecast Webinar," Nov. 3, 2022
National Retail Federation, "Holiday 2022 by the numbers," Nov. 3, 2022
Good Morning America, "What to expect when buying a Christmas tree this holiday season," Nov. 17, 2021
NPD, "2022 U.S. Holiday Purchase Intentions," October 2022
Alvarez and Marshal Consumer and Retail Group, "Consumer sentiment survey," Fall 2022
RetailMeNot, "Holiday Shopping by the Numbers: Trends for the 2022 Season," Oct. 19, 2022
United States Postal Service, "U.S. Postal Service Announces Proposed Temporary Rate Adjustments for 2022 Peak Holiday Season," Aug. 10, 2022
FedEx, "Peak surcharges and fees," accessed Nov. 21, 2022
UPS, "Peak/Demand surcharges," Sept. 25, 2022
Amazon, "2022 Holiday Peak Fulfillment Fee," accessed Nov. 21, 2022
Supply Chain Dive, "FedEx peak season surcharges target large shippers’ volume surges," Aug. 8, 2022
Supply Chain Dive, "UPS peak surcharges to affect large shippers expecting strong holiday demand," Aug. 29, 2022