Thanksgiving dinner hosts will be pleasantly surprised when they buy their turkeys and potatoes this year.

According to the American Farm Bureau Federation, the average cost to feed 10 people a turkey dinner is $61.17 in 2023 — down 4.5% from last year, which set a record at $64.05.

What You Need To Know

  • The average cost to feed 10 people a Thanksgiving dinner is $61.17 this year

  • That's 4.5% less than last year, which set a record at $64.05

  • Falling turkey costs are the main reason for the price decline

  • Cubed stuffing, frozen peas, cranberries and whipping cream also cost less this year

While whipping cream and cranberries saw the largest price drops, turkeys are the main reason for the lower overall cost. Because of a decrease in avian influenza cases, a 16-pounder cost $27.35 this year — down 5.6% compared with 2022.

A whole turkey makes up 45% of the cost of a classic Thanksgiving meal, according to the AFBF farmer advocacy group, which has conducted its annual Thanksgiving dinner survey since 1986. This year’s survey was conducted Nov. 1-6 with volunteer shoppers recording prices at grocery stores in all 50 states and Puerto Rico.

Shoppers collect price data on turkeys, cubed stuffing, sweet potatoes, dinner rolls, frozen peas, fresh cranberries, celery, carrots, pumpkin pie mix, pie shells, whipping cream and whole milk. Of those 11 surveyed items, seven saw price decreases this year, including turkeys, cubed stuffing, frozen peas, cranberries, pie shells, whipping cream and whole milk.

Prices rose for celery, carrots, sweet potatoes, dinner rolls and pumpkin pie mix. Dinner rolls cost 3% more this year, most likely because of increased wages in a tight labor market, the survey noted.

This year's Thanksgiving dinner costs are lowest in the Midwest, where the average 10-person meal is $58.66. Prices are highest in the Northeast, where an equivalent meal cost $64.38.

The AFBF survey comes as the U.S. Bureau of Labor Statistics reported inflation fell to 3.2% last month, driven largely by lower energy prices. Food inflation fell to its lowest level since June 2021.

While this year’s Thanksgiving dinner will cost less than in 2022, it is the second highest cost the AFBF has recorded in the 38 years it has conducted the survey. In 2021, the average cost for a 10-person Thanksgiving dinner was $53.31.