Gobble, gobble, hey! Thanksgiving dinner will cost a lot less this year — here’s why

Here’s some delicious news we can all be grateful for.

After years of household budget-smashing inflation, American families can finally expect to catch a break on the cost of the traditional Thanksgiving turkey this year.

The news is certainly something to gobble about after last year’s struggle at the supermarket, where bird prices flew 75% higher, due to ongoing supply issues exacerbated by the avian flu outbreak.

The expected break comes as a third of consumers are anticipating to once again pay steeper prices for their Thanksgiving groceries, according to insights from a recent consumer behavior report by Circana.

“There’s been a big collapse in retail prices for turkey,” Michael Swanson, chief agriculture economist with Wells Fargo Agri-Food Institute told CNN Business.

“Because turkey prices are down so much, and that’s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families.”

Retail giant Target is already offering a 10 pound turkey for less than $25.

Swanson added that store prices on 10 to 15 pound turkeys dropped 13% in October, compared to that month in 2022. There may be more price dips to come as well.

“Historically we see a big drop in the two weeks before Thanksgiving,” he said.

Wells Fargo also released a new report analyzing the costs of common Thanksgiving grocery items earlier this week. It noted that much of the price drop is tied to an industry response that’s seen barns with up to 3% more birds, along with other favorable economics within supply chains.

“A year ago, refrigerated trucks were charging $3.80 per mile on average. Now, the most recent rate quoted by the USDA was $3.30 per mile,” he said, adding that truck availability is another element to this.

Still, not everything on the table this third Thursday of November will be as cost efficient, according to the report. Consumers could get jammed up buying canned cranberries — they’ve soared 60% over last year’s already inflated prices.

Then again, there could be a workaround — fresh cranberries are down about 20%.

Swanson added that canned pumpkins also bibbity-bobbity-booped up 30% from 2022 as well. Canned green beans have risen 9% compared to the year prior, also.

Potatoes, especially Russet style — now at an all-time high, 14% over a year ago — could also potentially see consumers peeling back their spending this fall.

“Russets come out of the Pacific Northwest. A year ago the region had a tremendous drought, which cut supply,” Swanson said. “Moving into this year’s harvest, it was a much better year, and so we’re expecting prices to drop.”

Sweet potatoes are also up about 4%, “but the price is expected to come down before Thanksgiving as grocers become much more competitive with each other for consumers’ dollars,” he added.