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
Lewis Williamson with HTS Commodities joined us to provide analysis on the January WASDE report and expectations for grain markets going forward.
Structural efficiency supports cattle prices and resilience — breaking it risks higher costs and greater volatility.
Market reaction was bearish for corn and soybeans, with analysts noting that abundant supplies amid tepid demand could keep price pressure on agricultural commodities.
Rising adoption of GLP-1 drugs may gradually reshape food demand, with potential downstream effects on protein markets and consumer purchasing patterns.
Winter Weather, Drought Shape Early 2026 Farm Conditions
As domestic production and blending slowed, export demand remained a clear bright spot.

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:

Smaller cow numbers and a declining calf crop point to prolonged tight cattle supplies, limiting near-term herd rebuilding potential.
Strong rail demand and higher fuel costs raise transportation risk even as barge and export flows stabilize.
Record milk output looks strong today, but shrinking replacement numbers mean future supply adjustments could be faster and more volatile.
Often overlooked, cotton wholesalers act as stabilizers during market stress, translating fragmented retail demand into workable production programs for mills and manufacturers.
Strong blending demand continues to support ethanol use even as production and exports fluctuate.
Farm CPA Paul Neiffer helps producers navigate farm program payments and understand the key details farmers need to know.