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 impact of tariffs on the potato trade has not been fully realized
Betsy Jibben with Ag Market Consulting takes us behind the scenes on report day with AgMarket.net.
A slimmed-down Farm Bill is back on the table in Washington, with lawmakers pushing for a deal by Fall 2025. Sen. Jerry Moran of Kansas weighs in with his outlook.
The network includes labs across the country that track diseases like New World Screwworm, which could see a rise in cases with hurricane season approaching.
Ag Secretary Brooke Rollins made the announcement yesterday at the grand opening of a new food safety lab in Missouri, where researchers will do Listeria testing.

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:

Farmers are in the midst of harvest as the government descends into a shutdown and the Farm Bill expires. Key federal departments, crop reporting, and aid programs important to the agricultural sector are now on hold.
Trump’s upcoming talks raise hopes for U.S. soybeans, but China’s record purchases from Brazil and Argentina show America’s market share remains under heavy pressure.
USDA’s report shows wheat strength overall, with winter wheat yields setting records, while spring wheat and rye saw declines. Oats and barley remain constrained by record-low acreage despite stable or rising yields.
Together, these markets highlight the diverse forces shaping industrial inputs and safe-haven assets.
Farmers face tighter barge capacity and higher freight costs during peak harvest.
Bigger-than-expected corn and wheat stocks are bearish for prices, while soybean figures were neutral. Farmers may face additional price pressure as harvest accelerates.