Thursday, November 10, 2011

Turkey Dinner Costs Up 13%

The retail cost of menu items for a classic Thanksgiving dinner including turkey, stuffing, cranberries, pumpkin pie and all the basic trimmings increased about 13 percent this year, according to the American Farm Bureau Federation.

AFBF’s 26th annual informal price survey of classic items found on the Thanksgiving Day dinner table indicates the average cost of this year’s food cost for 10 is $49.20, a $5.73 price increase from last year’s average of $43.47.

The costs for nearly everything from cranberries to pumpkin pie are up. but it doesn't stop with the trimmings, a 16-pound turkey – came in at $21.57 this year. That was roughly $1.35 per pound, an increase of about 25 cents per pound, or a total of $3.91 per whole turkey, compared to 2010.

“The era of grocers holding the line on retail food cost increases is basically over,” said John Anderson, an AFBF senior economist.

Meanwhile in fantasy land, Fed chairman Ben Bernanke said today at a town hall- style meeting with soldiers at Fort Bliss in El Paso, Texas that "inflation appears to be moderating." Bernanke told the soldiers that food price increases were "transitory".

In the real world, according to AFBF, here's the "transitory" problem:
A gallon of whole milk increased in price by 42 cents per gallon, to $3.66. Other items that showed a price increase from last year were: a 30-ounce can of pumpkin pie mix, $3.03, up 41 cents; two nine-inch pie shells, $2.52, up 6 cents; a ½ pint of whipping cream, $1.96, up 26 cents; one pound of green peas, $1.68, up 24 cents; a 14-ounce package of cubed bread stuffing, $2.88, up 24 cents; a dozen brown-n-serve rolls, $2.30, up 18 cents; three pounds of sweet potatoes, $3.26, up 7 cents; and fresh cranberries, $2.48, up 7 cents.


  1. But food isn't important to people

  2. Yeah, it's all just fuel costs... no, wait, it's increased demand from China.... no, wait, inflation is good for the economy.... no, wait, Paul Krugman says there's no reason to think there's inflation.... no, wait,....

  3. The taster at the BLS just decided that this year's meal is 15% better than last year and made the hedonic adjustment that shows a deflation rate of 2%.

  4. "that's why we have to begin to look at supercore inflation" Paul Krugman

    Yep, when one measure isn't showing what your preconceived notions and Keynesian models don't catch, just move the goalposts.

  5. Hardcore food inflation is here and it is about to blast off! I go to the grocery store (Wal Mart) two or three times a week. I'm seeing 10% to 25% price increases on products every time I buy. Two days ago the sardines I bought were $1.00. Today, $1.25. Pork rinds, which have been $.99 a bag for the last 3 years are now $1.09. Two weeks ago a dozen eggs, $1.50, today the same eggs, $2.00.

    I paid $4.99 for a six pack of beer, Natural Light, today. A year ago I could get it for $3.00 at a gas station.

    Today I bought an 8 oz pack of sharp cheddar, up about 15% from last week. My son cut off a piece and left the open package on the counter. When I looked up, I saw my mutt, Dingo, walking out with my cheese in his jowls, the whole damn block. He dug a hole by our drive way and buried it. He used his nose to cover it up. At least someone understands the value of saving and delayed gratification.

  6. Krugman said that aliens are stealing oil and crops (free-association/free-markets destroyed their own planet) and that we need to go to war with them.

  7. Go ya one better - Turkey President costs up 15 trillion.