The most expensive Thanksgiving in history is expected to take place in 2021. According to a recent report from the Department of Labor, the prices of turkey processed are up 40.7 percent over a year. Even after October’s seasonally adjusted 1% drop, this is still a significant increase in turkey prices.
Some areas of the country may have difficulty finding turkeys this year. According to recent reports, 60% of turkey stock was out of reach. Stock levels are low for sweet potatoes, sweet potatoes, and yams.
Grain prices are up 40.8 percent over a year, which is also driving up the turkey prices. Prices for red meat are up 41.5 percent over a year. Overall, food prices are 10.5 percent higher this year than they were a year ago.
According to the Producer Price Index, getting to Thanksgiving with the family will cost more as gasoline prices have risen by close to 90%. Passenger’s airfares are now at the same level as they were one year ago, but still below their pre-pandemic levels.
Heating oil for homes has increased by 114.8 percent. Prices for residential natural gas are up 28.7 %. Residential electricity prices have risen 5.6 percent
The Producer Price Index, which measures prices from sellers’ perspectives, is up 8.6% compared to last year. It tied the record set last month.