Thanksgiving Cost Analysis: While Turkey & Gas Prices Dip, Alcohol, Dinner Roll & Canned Veggie Prices on the Rise
Turkey prices lowest since 2021, but other rising costs could stretch holiday budgets, according to analysis by Alliant Credit Union
With Thanksgiving right around the corner, consumers nationwide can expect a mixed bag of relief at the grocery store but can be thankful for a welcome break at the pump for holiday travel. A consumer price analysis by Alliant Credit Union finds that while Turkey prices are the lowest they've been since 2021 ($1.25 a pound) and gas prices are decreasing, those cost savings may be offset by rising costs for other items like baked goods, alcohol and canned vegetables.
Turkey prices are holding steady at $1.25 a pound (down forty-three cents from earlier this year reaching a 2-year low), according to the United States Department of Agriculture. Potatoes saw a 1.5% per pound increase to just over $1 a pound ($1.006), contrasted by a 6% decrease in the cost of butter. Some of the higher cost increases include staples such as baked goods, up 4.4% over last year, and dinner rolls, weighing in with a whopping 5.7% national average price hike over 2022.
Consumers can also expect to pay more for canned vegetables such as cranberries, up 3.2% and, alcoholic beverages, which jumped 3.7%. There is, however, good news at the pump, gas prices are finally on the decrease, unleaded gasoline prices are down 5.8% this year ($3.78 per gallon) compared to last October; mid-grade gas costs have decreased 2.6% ($4.25); while premium unleaded is down 4.33% ($4.7%). Those driving diesel-fueled vehicles saw the greatest price decrease, 12.7% (from $5.23 to $4.56) per gallon, based on Alliant's analysis of recent US Bureau of Labor Statistics data.
"While there are a few items at the grocery store that will cost less this Thanksgiving, consumers should remain vigilant regarding increasing costs in other areas when planning their holiday budget," remarked Mark Lau, Chief Financial Officer at Alliant Credit Union. "With the cost of living on an upward trajectory, household budgets will be challenged this holiday season, but being savvy with your money and planning your budget ahead of time can make a world of difference."
To assist consumers in getting the most from their holiday dollars, Alliant recommends people:
Plan and Budget: Map out a detailed budget for holiday expenses, including meals, gifts, and travel, and adhere to it diligently to avoid overspending.
Shop Smarter: Look out for seasonal deals, discounts, and coupons, and consider purchasing non-perishable items in advance when prices are favorable.
Explore Alternatives: Consider alternatives to traditional holiday meals or decorative items, such as opting for different protein sources or DIY decorations, to reduce costs without compromising on festivities.
Bulk Buying: When possible, purchase items in bulk to benefit from volume discounts, especially for non-perishable goods.
Utilize Loyalty Programs: Take advantage of loyalty programs and rewards offered by retailers to earn discounts and points for future purchases.
Save: Put the money you save to work for you in a savings account or high-rate certificate, your return will be higher!