Georgia families buying groceries this Thanksgiving may see lower prices for staple items than they did last year.
Saloni Firasta Vastani is a marketing professor at Emory University’s Goizuetta Business School. She is preparing to host a 20-person Thanksgiving dinner at her house.
“So, I have a traditional Thanksgiving this year with turkey, green beans, mashed potatoes, sweet potatoes, mac and cheese,” Firasta Vastani adds.
She says holiday staples are falling in price.
“The big items that go into a Thanksgiving meal, such as a turkey, have actually come down by 5% compared to last year.”
According to the American Farm Bureau Federation Thanksgiving dinner survey, the signature feast for a group of 10 will cost around $58, a 5% decrease from last year. However, that price remains almost 20% higher than five years ago.
The survey found seven signature Thanksgiving items dropped in price this year compared to last, including turkey, sweet potatoes, pumpkin pie mix, pie crusts and whole milk. However, dinner rolls and fresh cranberries were among the few side items that rose in price.
Rajeev Dhawan is the director of the Economic Forecasting Center at the J. Mack Robinson College of Business at Georgia State University. He says potential trade wars could pressure prices to rise, especially for food.
“If the US imposes tariffs on China, then China might retaliate, and those actually would have a quite material effect on prices and our supply chains,” Dhawan said.
Barring any escalations in global conflicts, Dhawan says Georgia’s local economy and cooling inflation are positive signs for people trying to keep more money in their wallets.
Nevertheless, he says we may not return to the pre-pandemic prices.
“We still have leftover challenges from the COVID disruptions and still some of the supply chains have not gained back all the capacity and the ability to support the global needs,” Dhawan said.
Firasta Vastani hopes food prices stabilize.
“You also have to think about the influence of energy and labor prices on food transportation costs, packaging, you know, consuming and, and, and making the food itself has labor involved in it so it can influence and will influence food prices as well,” Firasta Vastani adds.
She advises that the best way to save money and reduce food waste is to check your pantry and kitchen thoroughly before heading to the supermarket.
Meanwhile, she says there are plenty of food kitchens and local organizations around Atlanta for those struggling with food insecurity this Thanksgiving.
“Several churches, mosques, synagogues and temples have free meals during this time,” Firasta Vastani adds.
