Holiday relief: Thanksgiving dinner will be cheaper this year as prices drop 5% from last year

Thanksgiving dinner prices have declined for the third year in a row, dropping 5% from 2024 prices.

The staples making up the standard Thanksgiving feast for 10 people cost about $55 this year on average, or about $5.52 per person, according to the American Farm Bureau Federation’s annual dinner survey. 

Thanksgiving dinner costs have steadily declined since hitting a record high of $64.02 in 2022. Last year, the average cost of feeding 10 people was $58.08. 

Turkey prices have dropped dramatically – down more than 16% from last year to $1.34 per pound. According to the Farm Bureau, this significant decrease in turkey prices helped significantly with lowering overall prices. 

And prices may fall even further. The Farm Bureau collected its data during the first week of November, but grocery stores typically ramp up promotions and sales in the days just before Thanksgiving. 

The White House told The Lion the lower prices signal President Donald Trump’s broader goals of addressing inflation and delivering “economic relief” to the public. 

“The prices of turkeys, butter, cranberries, and other household essentials going down is another example why Americans are thankful that they resoundingly threw Joe Biden and Democrats out of office just one year ago,” White House spokesman Kush Desai told The Lion. “Fixing Joe Biden’s inflation crisis has been a Day One priority for President Trump, and the Administration will continue to implement a robust economic agenda to deliver economic relief for the American people.” 

The Trump administration is working on lowering costs in other areas as well, including energy and gas prices, a separate White House statement noted. 

“After inheriting the worst inflation crisis in 40 years from Joe Biden and Democrats, the Trump Administration’s actions to unleash American energy, slash regulations, and crush inflation are translating into lower gas prices in many states and a decrease in the cost of Thanksgiving dinner,” the White House said, noting that despite progress, “this is not ‘mission accomplished.’”  

“Americans are still paying far too much after four years of reckless Democrat spending and regulation – and that’s why the Trump Administration is relentlessly fighting to deliver the bold, structural changes that will bring lasting relief to all American families,” the statement added.  

The administration’s concerns about affordability align with broader data showing many American families remain under financial strain. A recent Bank of America Institute report found that 24% of American households – nearly 1 in 4 – are living paycheck to paycheck this year. It defines living paycheck to paycheck as households in which spending on necessities – such as housing, gasoline, groceries, and utility bills – is more than 95% of their household income, leaving them little room for “nice to have” purchases.