With record inflation driving up food costs, there might be a smaller turkey on the table for most families this Thanksgiving, according to a recent survey.
According to a survey conducted by Finance Buzz, 63% of Americans say the rising cost of food will "impact" their plans for the annual holiday dinner.
Between COVID-19, labor and supply chain shortages, and rising prices, 24% of those surveyed said they are prepared to "scale back" on the amount of food they will make during the holiday or cut back on the number of guests they will invite to dinner, the survey said.
Finance Buzz is a personal finance brand on a mission to democratize financial independence, according to the company.
The survey asked 1,200 adults across the nation Oct. 13 about their holiday plans and menus amid rising inflation and a shortage of goods. The publication did not provide a margin of error for the survey.
According to data from the United States Department of Agriculture, prices for food prepared at home rose 1.1% from August to September and are up 4.5% compared to the same time last year.
The increase in consumer food prices is the highest it has been since 2011 when the annual increase was 4.8%, according to the agency.
The agency forecasts that trend to continue into 2022, rising another 1.5-2.5%.
Poultry, including turkey, rose 3.8% during the year, eggs rose 12.6% in price, while beef and veal, and pork had the highest year-over-year increases at 17.6 and 12.7%, respectively.
The Buzz Financial survey found 44% of those polled said they will be looking for sales more than usual, and 25% said they will use more coupons for their holiday meal shopping than they usually do.
One Livonia, New York, farm told the New York Post it is increasing the price of its turkeys to "upwards of $100 each" this holiday season, a total estimated markup of $6 per pound or 20% from last year.
"This year's Thanksgiving it looks like is shaping up to be one of the most expensive Thanksgivings on record," Fire Creek Farms owner Jake Stevens said in a phone interview with the Post. "The consumer at the end of the day is going to have to literally eat that."
The sticker shock of this year's holiday dinner will be especially amplified due to shoppers enjoying a much cheaper meal last year.
The American Farm Bureau Federation reported last year the price for the average Thanksgiving dinner dropped in 2020 to one of the lowest in history, with a family of 10 people spending around $47, which was a $2 drop from 2019.
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