George S. May Business Blog

Thanksgiving is going to cost a little more this year.

Every year the American Farm Bureau conducts a survey measuring the cost of an average Thanksgiving Day meal. According to the Farm Bureau if your planning on having a traditional Thanksgiving meal with 10 people you can expect to pay around $44.61 for the basic ingredients, or $4.46 per person. That is a 5.6% increase over last year’s turkey dinner.

According to federal figures released on November 19^th 2008 food inflation prices started slowing down in the month of October. However, grocery prices are still 7.5% higher than they were last year. With commodities down 50% from the mid year high, economists predict food prices will go lower, but only by a small amount. Michael Swanson, a lead agricultural economist at Wells Fargo & Co. in Minneapolis said “Grain prices are still higher than they have seen for most of the last 15 years…and many businesses along the food chain are recouping losses from the summer season.”

So like a painful memory we all want to forget high gas prices manage to once again remind us of the costly implications they’ve had on us all. Even though the prices for oil, corn and wheat, are dropping it will be a while before see that effect at your local grocery store.

So this Thanksgiving as your slip into your tryptophan coma remember this, and be truly thankful for what you have.

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