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
The USDA noted that peanut edible utilization season-to-date is down 3% on the year, despite overall stocks increasing.
A booming butterfat market is good for some dairy products but threatens efficiency and margins for cheesemakers unless protein levels catch up
Land values are increasing faster than farm income, making it more challenging for young and beginning farmers to expand, but supporting equity for current landowners.
Smaller flocks and lower lay rates are pressuring table egg supplies, even as hatchery activity edges higher.
Smaller slaughter numbers across beef and pork signal tighter supplies into late 2025, while record-low veal production highlights ongoing structural changes in the sector.
Lower inventories and cautious farrowing plans suggest tighter hog supplies into 2026, keeping producer margins sensitive to demand trends and health risks.
Bird owners are urged to practice strong biosecurity as fall brings a rise in high path avian flu cases.
A new study by the National Grains and Feeds Association found that their industry generates $401.7 billion in economic output and supports over 1.16 million jobs nationwide.

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:

If confirmed, early Chinese buys tighten nearby Gulf/PNW capacity and could bump basis in export-oriented regions.
Trade pacts with Malaysia and Cambodia unlock tariff-free and preferential lanes for key U.S. farm goods, expanding long-term demand in Southeast Asia.
The review signals renewed scrutiny of China’s agricultural trade pledges and could reshape farm export opportunities depending on its outcome.
The U.S.-Japan tech pact signals long-term investment in bio-innovation, connectivity, and secure supply chains — all of which can strengthen rural manufacturing, ag exports, and digital infrastructure critical to the next generation of farm productivity.
Export volumes remain positive year-to-date, but weaker soybean loadings and slowing wheat movement hint at early bottlenecks in global demand or river logistics. Farmers should watch basis levels and freight conditions as export competition heats up.
Harvest Marches on as River Logistics And Inputs Steer Bids