Thanksgiving dinner prices are rising

Fox Business Flash top headlines for October 26

Check out what’s clicking on FoxBusiness.com.

Thanksgiving dinner is going to be a lot more expensive this year.

According to recent reports, almost all the elements needed for Turkey Day dinners are increasing in price — including turkeys themselves. 

On Friday, the U.S. Department of Agriculture released its "Turkey Market News Report," which found that turkeys between eight and 16 pounds are about 26 cents more per pound than they were last year. 

PUMPKIN SHORTAGE HITS THE US AHEAD OF HALLOWEEN, CAUSING PRICE INCREASES

Almost all the elements needed for Turkey Day dinners are increasing in price — including turkeys themselves. (iStock)

Meanwhile, a three-pound bag of Russet potatoes costs $1.12 this year, compared to $0.99 last year; and green beans cost $1.62 per pound this year, compared to $1.46 last year, according to the USDA’s National Retail Report on specialty crops.

As a result of the rising cost of food, Thanksgiving is expected to cost 4% to 5% more this year compared to last year, CBS reported.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

There are many reasons for the price increases, according to CBS, including supply chain issues, labor shortages and increased cost of transportation. 

On Friday, the U.S. Department of Agriculture released its “Turkey Market News Report,” which found that turkeys between eight and 16 pounds are about 26 cents more per pound than they were last year. (iStock)

And even though prices will be higher, there aren’t likely to be many shortages when it comes to Thanksgiving dinner, Veronica Nigh, senior economist at the American Farm Bureau Federation, told CBS.

CLICK HERE TO READ MORE ON FOX BUSINESS

Last year, the cost of Thanksgiving dinner was at a record low because of the coronavirus pandemic, FOX Business reported at the time. 

A Thanksgiving dinner for 10 people cost an average of $46.90 last year, less than $5 per person, according to the American Farm Bureau Federation's annual survey. That was a $2.01 decrease from the previous year. 

Source: Read Full Article