Wells Fargo: Smart Shopping Pushes Thanksgiving Meal Costs Lower Despite Overall Grocery Inflation

Retail competition and improved supplies are helping offset food inflation, pushing Thanksgiving meal costs modestly lower despite higher prices for beef, eggs, and dairy.

NASHVILLE, Tenn. (RFD-TV) — A new report from the Wells Fargo Agri-Food Institute shows that Thanksgiving dinner is one of the few bright spots for food budgets this fall.

While grocery prices overall remain up 2.7 percent from a year ago, a traditional 10-person Thanksgiving meal is 2-3 percent cheaper than last year, thanks to lower turkey prices, aggressive retailer promotions, and national-brand competition with private-label products.

Wells Fargo’s analysis — led by Dr. Michael Swanson, Robin Wenzel, and Courtney Schmidt — places an all-private-label dinner at $80, while an all-national-brand basket reaches $95.

Turkey remains the most significant contributor to savings, with national-brand whole-bird prices down 3.7 percent from last year after producers and retailers aligned inventories early.

Frozen vegetables also delivered significant year-over-year declines for national brands, down 15 percent, even as private-label vegetables held steady. Other key meal components showed mixed movement: private-label dinner rolls fell 22 percent, gravy mix, stuffing, and fresh cranberries dropped 3–4 percent, and national-brand pumpkin pies eased 3 percent. Prepared mashed potatoes — a fast-growing convenience item — slipped 1.5 percent on strong supplies and brand-to-brand competition.

Most remaining items were flat or slightly higher. Prepackaged salad mix rose 0.3 percent, and whipping cream gained 3 percent, reflecting broader dairy trends. Beverage categories moved in different directions: beer is up 3 percent, wine is flat, and soft drinks split — 12-oz cans down 3 percent, but 2-liter bottles up 7 percent, though still roughly 31 percent cheaper per ounce than cans.

Overall, Wells Fargo says strategic brand choices give consumers unusual flexibility this year, keeping the cost of a full holiday meal at one of the most affordable points since inflation began accelerating.

Farm-Level Takeaway: Retail competition and improved supplies are helping offset food-inflation pressure, pushing Thanksgiving meal costs modestly lower despite higher prices in beef, eggs, and dairy.
Tony St. James, RFD-TV Markets Specialist
Related Stories
Acreage shifts could impact pricing and marketing plans.
As spring migration ramps up, USDA officials warn farmers about rising bird flu risks and urge stronger biosecurity measures. Resources are available through APHIS to help protect livestock.
Herd growth and exports supporting dairy outlook.
Strong exports continue to support corn despite larger supplies.
Bigger stocks may limit upside in cotton prices.
NCGA Chief Economist Krista Swanson discusses the evolving role of ethanol in the current energy crisis, opportunities for expanding corn discusses the evolving role of ethanol in the current marketdemand, and the industry’s outlook moving forward.

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

LATEST STORIES BY THIS AUTHOR:

Higher machinery costs are raising per-acre production expenses.
As farmers and ranchers navigate rising input costs, lawmakers are considering a roughly $15 billion aid package to help, which would be tied to the spending bill for the war with Iran.
Lower costs improve competitiveness, but demand remains uncertain.
Policy clarity will determine the trajectory of soybean crush demand, but producers in Kansas have shown that expanding local crush capacity strengthens basis and marketing options.
Corn and soybean shipments continue to move at a steady pace as spring trade flows develop.
Growing milk supply may pressure prices ahead.