Thanksgiving is right around the corner but as people load up your shopping cart for the big day, they may notice a hike in prices.
A survey shows that prices are 13 percent higher for the average Thanksgiving dinner this year, according to the American Farm Bureau. The average price to feed ten people is at $49.20 - the highest jump in prices year to year since 1990.
Factors such as where you shop and the ingredients you include in the holiday recipes can make all the difference.
While the turkey is the priciest item on that shopping list, one St. Mary’s professor said every store is vying for your thanksgiving business. So, it is essential to keep an eye out for huge deals as the date approaches.
“Compare what stores are doing,” said Richard Measell, assistant professor of economics. “Stores have loss leader items that they will charge relatively lower prices for, maybe have a loss on to attract you. The prices they have for turkeys are meant to entice you to come to their store.”
He also suggests sticking to a defined shopping list to keep from spending on over-priced items.
Ingredients like sweet potatoes are less expensive than others. Measell said that shoppers can turn to these lower priced items and still have delicious meals
And, higher prices are not expected to go anywhere. Measell attributes the increase to higher demand.