How Much More Your Thanksgiving Meal Might Cost In 2022

If you've frequented your local grocery store for the past few months, you've likely seen incremental price increases on your favorite foods, including fresh, frozen, packaged, and prepared options. And not even the holidays are immune to these wallet woes. According to information from the Farm Bureau, prices for Thanksgiving meals between 2020 and 2021 surged around 14%, with the average meal for 10 people costing a little more than $53. Market analysis by Wells Fargo has predicted that we can expect to see even higher costs for this year's Thanksgiving dinner items.

The increase in prices for Thanksgiving dinner has caused many folks to consider heading to restaurants for Thanksgiving dinner instead, with prices around 6% higher than 2021 levels (via Wells Fargo). But if you are dead set on making a thrifty Thanksgiving dinner for your family and friends, here's what you can expect Thanksgiving staples to cost you this year.

The financial prognosis for your bowl of mashed potatoes isn't as poor as you'd expect. Business Insider notes that potato prices have only increased about 2% since 2021, making this tuber a key staple in a thrifty Thanksgiving meal. That being said, the United States Bureau of Labor Statistics (BLS) reveals the average price for potatoes in June 2022 was around $0.89 per pound, which is nearly 20% more than in 2020. The issue with mashed potatoes, though, isn't the increased price of potatoes — it's the price of everything else (like the butter and the milk) required to make a heaping bowl of mashed potatoes.

If you're still looking to cut down on the price of your Thanksgiving meal, you can make your own instant mashed potatoes with a trip through the snack food aisle at the grocery store. Yes, you can combine three ounces of potato chips per cup of water. Although this hack might seem relatively new-age in the world of Thanksgiving food, boxed instant mashed potatoes use the same potato flakes as chip manufacturers do. If you opt for the chip, you are just getting more salt and flavor than using the boxed mix.

If turkey is too much for your wallet to handle, you might look for other options like a glazed ham. But pork producers are not immune to the changes in the supply chain either. According to reports by Fox 8, pork products have been on a two-year increase due to changes in the supply chain and labor shortages in pork processing plants. Following the COVID-19 pandemic, prices for pork products including ham, bacon, and pork chops have surged, with the greatest increases for boneless pork products.

Data released by the United States Department of Agriculture notes that the price of ham averaged $5.50 in September 2022, up from $3.83 in September 2021 (via Fox 8). If you're looking for low prices on meat this holiday season, buying from bulk retailers or shopping in advance are two options. You can also dedicate some extra time and purchase bone-in ham this holiday season. And when all else fails turn to Spam — right?

Yes, there are people out there that still make cranberry sauce by hand and don't use the canned stuff. And if you're one of those people, purchasing cranberries will likely cost you more this year than in the past. Wells Fargo notes that dryness on the East Coast has caused many cranberry bog operators to utilize more costly irrigation practices to keep their operations afloat. Cranberry farmers in the Northwest have experienced unusual weather patterns that altered the ripening process of the berries. Despite these changes to the growing season, cranberry farmers are expected to harvest more berries than the year prior by about 5% (via Capital Press). In the meantime, it's difficult to tell if the production of the berries will be enough to keep prices similar to years prior.

If you're wondering if you should still keep cranberries on your Thanksgiving table this year, we would say so. Fresh or flash-frozen cranberries are the most nutrient dense, per information from the Texas Medical Center. Canned cranberries may contain added sugar and preservatives that make them a less healthy (but more indulgent option) than other cranberry counterparts.

Not even your glass of cabernet is immune to price fluctuations. According to the Wine Economist, the average bottle of domestic wine increased from $8.12 to $8.46 between May 2021 and May 2022, while the average import bottle surged from $8.35 to $8.69 in the same period.

The Wine Economist connects the increased cost per bottle to the rise in inputs for wine production, including higher costs for fertilizer, fuel, transportation, and glass. Labor shortages in harvesting and producing wine are also difficult to find. But compared to other beverages, including sports drinks (which have risen in price by close to 17% in a single year), wine is just following along with the trends of other commodities. Data from the Bureau of Labor Statistics indicates that other alcoholic beverages like beer and spirits consumed at home have reported a price decline in the past year by between 0.3 and 0.5%. However, the amount spent on alcohol outside the home has increased in price by less than 1%.

You can't make a pie or dinner rolls without flour. The BLS notes that flour and prepared mixes have increased in price by 24.2% within the past year. According to News Nation Now, there are several reasons for the increase in prices for flour, many of which relate back to the invasion of Ukraine in early 2022. Russia and Ukraine produce close to a third of the global supply of wheat and flour. With the conflict and subsequent closure of ports and export centers, the world has seen a decreased supply of flour on the market. By the nature of supply-and-demand economics, this drives the price of flour up significantly.

Since flour is a critical ingredient on the Thanksgiving table for pies, stuffing, and dinner rolls, you should expect to pay more for not only dry flour but also flour-based products. In October, The New York Times reported that food company Nestle increased its prices by 9.5% this quarter compared to the third quarter of last year. The increases are in response to rising wheat prices globally.

You may not think about eggs being a critical component of your Thanksgiving meal until you consider how they'll help you avoid crumbly stuffing or make a custard pie for dessert. And if you plan to DIY Thanksgiving with a lot of eggs this year, you should expect to pay more than you ever have before. According to the Bureau of Labor Statistics, eggs have increased in price by 30.5% since September 2021. KX News notes that consumers were paying upwards of $3 for a dozen eggs for only the second time ever. According to Deseret News, egg prices have soared due to the highly pathogenic avian influenza that has also impacted turkey and poultry production globally. KX News also notes that the lower yield of eggs has also stemmed from supply chain issues that have impacted meat and poultry production as a whole.

Is there relief for egg-hungry consumers? KX News notes this is likely since the cost of eggs has decreased by about 3.5% since August. Chicken producers have increased the population of chicks (which will eventually become laying hens) by 13% more than the previous hatching season, so it is likely we can expect to see prices level out for eggs — just in time for next year's Thanksgiving.