inflation

Turkey dinner to gobble up 13% more cash

Nov. 11, 2011 at 12:39 PM ET

Matthew Mead / AP /
Putting a traditional turkey dinner on the table is going to be pricier this Thanksgiving.

By msnbc.com news services

Putting a traditional turkey dinner on the table is going to be pricier this Thanksgiving.

The American Farm Bureau Federation reports that a meal with turkey and all the trimmings will cost about 13 percent more this year.

The trade group estimates a classic meal for 10 will cost $49.20 on average. That is $5.73 more than last year's $43.47 average.

The meal will cost less than $5 a person, but it's still much more expensive than in years past. The jump results from food makers and grocers raising their prices to cover higher commodity costs.

Nearly everything from cranberries to pumpkin pie is pricier this year, but the biggest hike is for the main course: A 16-pound turkey costs almost $4 more this year, at $21.57, according to the trade group.

The group surveyed prices in stores nationwide. But grocers often discount key items as the holiday approaches and that could reduce the cost of Thanksgiving dinner.

John Anderson, senior economist for the Farm Bureau, said it's important to remember that Americans spend a smaller percentage of their income on food than most people around the world.

"Given what is going on in the economy, higher prices on anything are not welcome," Anderson said. "(But) it does not have the same impact as food prices in other parts of the world do. We are fortunate in that sense."

Here are some tips to save money on Thanksgiving. Share your own plans in the comments field below.

The Associated Press contributed to this report.

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