(Source: MIRS.news, Published 11/22/2023) Inflation rates have been a talking point at dinner tables across the state, but MIRS was able to talk turkey on how the numbers mashed out for your Thanksgiving dinner.
Western Michigan University Food Marketing Program Director Russell Zwanka said the baseline average for feeding everyone during Thanksgiving dinner was about $6 per person and the 38th annual American Farm Bureau Federation Thanksgiving survey sat at $6.11. It was a decrease from the $6.40 price of 2022, but 25% higher than the $4.89 of 2019.
“We’re looking in pretty good shape, but that’s because last year was a record high. We had never seen Thanksgiving dinner as high as we saw it last year,” Zwanka said.
The average prices of the Thanksgiving dinner from the Farm Bureau report showed the biggest dip in price came from the turkey, which Zwanka said was by far the best value in the store with an average price around $1.29 per pound or more with a good promotion.
He said there was a shortage last year because of the avian flu and supply chain issues, but this year was smooth sailing.
“I’ve always encouraged people to buy your turkey for Thanksgiving and buy one more and use it during the winter, just for a nice special day with your family or something, because it is a great deal,” he said.
The Farm Bureau report showed the price of fresh cranberries was down and Zwanka said the price of canned cranberry sauce was way up.
Other fluctuations in food items Zwanka pointed out included the price of potatoes, which were about even in the farm report, but the instant mashed potatoes were down.
“Stuffing may not be regular price now, but everybody’s running lots of promotions and so, with promotions, the actual purchase price is in pretty good shape,” he said.
He said overall, the U.S. normally runs about 7% to 10% spending on food, which was not up significantly.
“We still don’t have to have people starting to raise their own chickens and grow their own food,” he said.
He said there's been an explosion in consumers buying private-label foods over brand names, such as Spartan-or Meijer-brand items.
“Most stores would like you to buy their store brands because that’s loyalty and its increased margin rates and those types of things,” Zwanka said.
He said the quality of those items was just as good as the brand name.
Zwanka said the inflation rate overall in the U.S. impacted everything that affects the food industry, from the shipping and labor costs to the overhead of the stores and the customers shopping there.
“It’s pretty outrageous what we’re paying in the stores, but you can’t help it. That’s just the cost of doing business at this point,” he said.
