WEST PALM BEACH, Fla. — A Thanksgiving food inflation report shows some items are down, while others are skyrocketing this year.
Thanksgiving is just over a week away, so many Americans are shopping for their Thanksgiving menu this week.
“I usually make soup, pumpkin soup, and desserts,” Marion Brand told WPTV. “I use a lot of chicken broth and beef broth and stuff like that, so I already purchased it when it was down. Pumpkin, when I see pumpkin down, I buy a lot of it.”
That’s a strategy other shoppers WPTV spoke with share, only buying certain items with lower prices.
“Spiral ham and stuffing, that’s mainly all I make, there’s only the two of us,” another local shopper told WPTV.
According to a 2023 Thanksgiving food consumer report by Wells Fargo, this year inflation is still affecting some Thanksgiving Day items.
For example, the report said turkey will actually cost 9% less this year. Fresh cranberries are down 20%, while canned cranberries are up 60%.
The report said sweet potatoes are up 4% and if you’re buying green beans, fresh is the way to go, because canned green beans are up 9% from this time last year.
“I think you’re going to see a lot of variation," Carl Gould, business analyst and founder of 7 Stage Advisors said, “because anything that’s got to come on a truck, anything coming from California, we’re 250,000 truckers short.”
Gould said that’s contributing to some of the high prices, along with inflation.
“I think it’s going to be kind of be hit or miss if you’re looking for a specific product,” he said.
He suggested consumers know their options and keep an eye out for sales.
“I would look at some of the generic brands, if possible,” Gould said.
He also suggests skipping out on dishes that may be more expensive and opt to try a new or slightly different recipe.
Some shoppers WPTV spoke with said they are already doing that.
“I have an idea of what it should cost and if it’s under that I’m like OK, great,” Brand said.
