According to the American Farm Bureau Federation (AFBA), the price of Thanksgiving dinner is on the decline. The bureau estimates that this year’s holiday dinner for 10 people will cost about $58, which is lower than last year's estimate of $61.17. While there has been a price decrease, this year’s holiday dinner remains 19% more expensive than before the pandemic. The price evaluation over the years reflects the impacts of inflation, which was especially disrupted by Covid-19.
NBC news claims that, “Thanksgiving dinner is more affordable than it has been in years,” even though it may not seem like it to consumers. Voters expressed a negative sentiment towards the economy this past election, as 74% of Americans reported concern regarding the price of food and consumer goods.
Despite these price worries, when looking at the real cost of products, this Thanksgiving is one of the most affordable surveyed by the AFBA. Additionally, wages have been increasing, as median wages have increased by about 25% since 2019 as found in the U.S. Bureau of Labor Statistics. Although increased wages have compensated for some of inflation, the cost of living for families remains high. This speaks to the negative outlook on the financial state of the country, despite the macroeconomy performing well.
The president of the American Farm Bureau Federation said, “We are seeing modest improvements in the cost of a Thanksgiving dinner for a second year, but America’s families, including farm families, are still being hurt by high inflation,” supporting the claim that Americans are still struggling to make ends meet. He also expresses concern about the welfare of farmers and proposes a revised protection bill to protect them from farming-specific variables.
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