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Inflation slows, but food prices remain high for Thanksgiving in 2024

Umito November 13, 2024

As Michiganders begin to think about purchasing groceries for their Thanksgiving gathering, major retailers have rolled out their Thanksgiving dinner packages that could help keep costs down.

Aldi and Walmart, for example, released prices this year for a special batch of discounted ingredients for Thanksgiving. Mejier also offers packages in Michigan.

Depending on the cost of branded products, the menu for 10 guests, including turkey, stuffing, salad, cranberries, rolls and pumpkin pie, could cost up to $90 this year, a decrease of 0.5% per year. compared to last year. Wells Fargo reported. Preparing the meal with only name-brand products is expected to cost $73, but that’s a 2.7 percent increase from last year, said company economist Michael Swanson.

With Thanksgiving approaching, the holiday will take place on November 28 this year. Here’s what you can expect when it comes to food prices and how consumers can keep money in their pockets.

How the Holidays Impact Grocery Bills

Food inflation has finally slowed, according to David Ortega, a food economist at Michigan State University.

Grocery store prices have increased by 1.3% over the past year. Overall, prices are 20% higher than they were before the COVID-19 pandemic in 2020, making buyers feeling the impact.

According to Michigan State Universitythis season will bring a mix of price changes. Turkey prices are trending lower as producers better prepare for bird flu and holiday demand, with retail costs down about 2% from last year and prices of wholesale down about 11%.

Ham, while still expensive, is not expected to rise much more than last year’s near-record levels, while eggs, peas and stuffing ingredients could see slight increases and will remain affected by food concerns. avian flu.

Some products will see their prices drop, including fresh produce and seasonal products like apples and cranberries.

The price of pumpkin pies has also increased this year, with brand-name pies costing 3% more than in 2023. Consumers can reduce costs by purchasing store-brand pies, according to Wells Fargo; as well as enjoying 2 liter bottled soft drinks to help balance the budget.

Are stores offering Thanksgiving deals?

Retailers are increasing promotions as consumers become more budget-conscious.

Walmart announced a “Without inflation» Thanksgiving meal for eight people, priced around $56, or $7 per plate.

In the meantime, Aldi Thanksgiving Meal Basket for up to 10 people, the price is just under $5 per serving, making it one of the cheapest Thanksgiving options in the last five years.

How to Save Money at the Grocery Store

Using your grocery store’s loyalty program or app can unlock additional savings and personalized discounts. Buying non-perishable or freezer-friendly items early can help you take advantage of sales on essentials before prices rise as the holidays approach.

Jalen Williams is a trending reporter at the Detroit Free Press. Contact him at [email protected].