The cost of a traditional turkey-based Thanksgiving dinner will be noticeably more expensive in 2021 as the Coronavirus pandemic continues to wrack the global economy.
The average cost of a Thanksgiving turkey dinner will cost Americans 14% more this year due to inflation. The figure comes from the American Farm Bureau (AFB), which has conducted an annual survey of thanksgiving dinner prices since the early 2000s.
"Farm Bureau's 36th annual survey indicates the average cost of this year's classic Thanksgiving feast for 10 is $53.31 or less than $6.00 per person. This is a $6.41 or 14% increase from last year's average of $46.90." The AFB wrote. "Farm Bureau's 36th annual survey indicates the average cost of this year's classic Thanksgiving feast for 10 is $53.31 or less than $6.00 per person. This is a $6.41 or 14% increase from last year's average of $46.90."
Ongoing economic disruptions as a result of the coronavirus pandemic are the root cause. The issues facing the American economy are multi-faceted.
Supply line shortages have resulted in everything from barren supermarket shelves to production halts at automobile factories. The sudden shift in demand also seems to have contributed to the dysfunction. The more significant number of Americans cooking from home put greater strain on the at-home food market.
Rising consumer prices due to inflation is another major contributor. Looking over the Bureau of Labor Statistics' last report earlier this month, prices of food-at-home spiked a cumulative 5.4% over the 12 months ending in October. Rising inflation has become a significant concern for consumers, appearing to dash earlier enthusiasm of economic recovery.
Earlier this year, the Bureau of Economic Analysis (BEA) found that consumer spending had taken a hit due to rising inflation costs. Consumer confidence recovered in the months after but once again cratered in November amid largely unmitigated inflation.