Food prices are on everyone’s mind this holiday season, but there’s some good news.
After years of rapid price increases, grocery inflation has slowed significantly in 2024.
While prices are still about 20% higher than they were four years ago, the past year has only seen a modest 1.3% increase, making it a bit easier to plan your holiday meals.
Here’s what to expect at the store and how to stretch your budget, based on insights from food economist Ortega at Michigan State University.
What’s happening with holiday food prices?
This year brings a mix of price changes for traditional holiday staples:
- Turkey: Prices have dropped by 2% compared to last year, thanks to better preparation by producers to handle bird flu and holiday demand. Wholesale turkey prices are down even more—by 11%.
- Ham: While still expensive, prices are expected to stay about the same as last year.
- Fresh Produce: Seasonal items like apples, cranberries, and potatoes may be cheaper this year, which could be a bright spot for your grocery bill.
- Eggs and Stuffing Ingredients: These items may cost slightly more, as avian flu and supply chain issues continue to affect prices.
Why are prices still high?
Over the past four years, several factors have contributed to rising food costs:
- The Pandemic: COVID-19 disrupted supply chains and shifted how people shopped, creating shortages and driving up prices.
- Weather and Disease: Severe droughts reduced crop yields, and avian flu impacted turkey and egg supplies.
- Global Conflicts: Issues like Russia’s invasion of Ukraine increased the cost of key commodities like wheat and oil.
- Increased Demand: Some households, flush with savings during the pandemic, spent more on food, putting additional pressure on supply.
What deals can you expect?
Major retailers are offering special promotions to help families save this holiday season:
- Walmart: An “Inflation-Free” Thanksgiving meal for 8 costs $56, or $7 per person.
- Aldi: A Thanksgiving meal for up to 10 people is priced at under $5 per serving, one of the best deals in years.
Additionally, turkeys and other essentials are heavily discounted as stores compete for customers.
Tips for stretching your dollar
- Shop Early: Stock up on nonperishables and freezer-friendly items before prices increase.
- Use Store Brands: These are often as good as name brands but cost less.
- Stick to a List: Avoid impulse buys by planning your meals and writing down exactly what you need.
- Take Advantage of Loyalty Programs: Grocery store apps and membership programs can offer personalized discounts.
- Host a Potluck: Sharing dishes with guests spreads the cost and adds variety to the meal.
With a little planning and smart shopping, you can enjoy a festive holiday feast without breaking the bank.
If you care about nutrition, please read studies about the harm of vitamin D deficiency, and Mediterranean diet may preserve brain volume in older adults.
For more health information, please see recent studies about foods to naturally lower high blood pressure, and a simple breakfast switch can help control type 2 diabetes.
