Families preparing for Thanksgiving may face higher turkey prices this year as rising production costs put pressure on turkey farms, according to a Fox Business report.
FOX Business reporter Lydia Hu reported that wholesale turkey prices nationwide have increased 12% this year. At DiPaola Turkey Farms, rising costs for feed and other essentials have created challenges for the family-owned business.
Farm owner Artie DiPaola said the ingredients used to feed the birds have become more expensive, adding to the financial pressures facing producers.
“The price of fuel — in this case, what these turkeys eat is corn and soybean. That’s up 10 to 12 percent,” DiPaola said.
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The higher expenses have prompted the farm to raise its prices by 30 cents per pound, a decision DiPaola said was particularly difficult given the farm’s longstanding relationships with its customers.
“The production costs are all up wherever we look. The cost is rising and having to raise the price 30 cents to these loyal customers is very emotional,” he said.
However, the report noted that smaller producers such as DiPaola can rely on customer loyalty to cushion the impact of rising operating costs, even when prices increase.
“Fortunately, the increased sales help offset some of the rising costs that we’re experiencing daily,” DiPaola said.
However, the Wells Fargo Agri-Food Institute’s annual Thanksgiving food report offers a different picture of the broader market. Six of the 10 food items covered in the report have declined in price, including turkey (down 0.5%), cranberries (down 6.6%) and frozen vegetables (down 4.2%). Stuffing, dinner rolls and whipped cream have also become cheaper.
Prices for salad mix have remained unchanged, while pumpkin pie (up 2.5%), gravy mix (up 2.2%) and mashed potatoes (up 1.3%) have seen modest increases.
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“Turkey prices have fallen thanks to a sharp reduction in cases of avian influenza, which have allowed production to increase in time for the holiday,” American Farm Bureau Federation Senior Economist Veronica Nigh said.
The Wells Fargo Agri-Food Institute estimates that Thanksgiving food prices will be even lower this year than the American Farm Bureau Federation’s estimate, projecting a 9% decline from the same period last year.
However, while turkey and fresh cranberry prices have fallen, items such as ham, canned green beans, russet potatoes and beer are more expensive than they were in 2022.
The report estimates that a traditional Thanksgiving feast for 10 people will cost $78.93, or approximately $7.89 per person.