This year, Thanksgiving is cheaper to celebrate in a restaurant than at home: how did it happen

With food prices skyrocketing compared to last year, the upcoming Thanksgiving holiday will hit our wallets much harder. But, oddly enough, there are also positive sides to this - now it’s more accessible to celebrate this day in a restaurant. The publication shared the details CNBC.

Photo: IStock

According to the latest inflation data, prices per pound (450g) of turkey are up 17% year on year. According to a Wells Fargo report, the carcass will rise in price by 23% due to both inflation and bird flu, which has led to a reduction in poultry populations.

Other key components of the festive table went up even more: eggs - by 43%, butter - by almost 34%, flour - by about 25%. Fruits and vegetables have risen in price more moderately, but still cost almost 10% more than a year ago.

Thanksgiving staples that are more expensive in 2022 than they were 12 months ago:

• eggs 43%
• butter, margarine - 33,6%
• flour, ready-made flour mixtures - 24,6%
• canned fruits - 18,7%
• frozen/chilled bakery products, pies - 18,6%
• canned vegetables - 18%
• raw poultry - 16,9%
• potatoes - 15,2%
• sugar, sweets - 14,9%
• bread - 14,8%
• sauces, gravies - 14,6%
• fresh cookies, buns, muffins - 13,6%
• juices, soft drinks - 12,7%
• salt, other spices - 10,3%
• ham - 9,1%
• apples - 4,8%

According to Brad Rubin, industry analyst at Wells Fargo's food and agribusiness advisory group and co-author of the Thanksgiving report, for the first time, "Americans can actually save money by dining in cafes or restaurants" over the holidays.

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According to the Bureau of Labor Statistics, the cost of eating out increased by just 8,6% over the past year, while the cost of eating at home jumped 12,4% over the same period.

“What used to be a luxury is now considered a savings,” Rubin said.

Turkey and Thanksgiving

And yet, despite the sky-high costs, serving Thanksgiving turkeys is “non-negotiable” for most households, according to a recent Morning Consult report.

Nearly nine out of ten, or 87%, said the menu would stay the same, according to the analytics firm.

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"Thanksgiving main dish is inappropriate for compromise," the report said.

Consumers, the report says, will still find ways to save money. You can buy a frozen turkey early in the season, look for discounts, or use fewer side dishes.

Some even said they would be cutting back on food for a month to afford Thanksgiving staples.

If you decide to make a festive dinner at home, then do not forget that ALDI and Walmart have made special promotions this year. From 2 to 29 November ALDI will revise the prices of traditional holiday goodsto match their value in 2019. According to the press release, prices will be 30% less than those offered in the store.

The country's largest retailer Walmart said it is currently introducing updated pricing for traditional Thanksgiving items They will be at last year's level.

However, a survey by wealth management firm Personal Capital found that 42% of families plan to ask their guests to deposit cash to cover expenses.

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