While the prices at the grocery store may be staggering, there’s a sliver of good news this Thanksgiving.
A Wells Fargo report shows even though the cost of food is up, the price of a Thanksgiving dinner is down about 2-3%. The average cost for a family of six lands at about $48. The report contradicts a report from the USDA that shows that wholesale turkey prices have jumped 40% this year.
Pat Penfield, a professor of supply chain practice at Syracuse University, said planning ahead can help curb overall costs this holiday season.
"Right now, there's a lot of promotions that these supermarket and grocery chains are offering, and I think just the earlier you shop, probably the better price that you can get,” Penfield said. “If you wait until the last minute, you're probably going to pay more."
Wells Fargo said estimated retail prices for turkeys are down 3.7%, and average costs for some sides like dinner rolls, cranberries, and stuffing are also down.
Penfield said shopping store brands can be a good strategy, and keep an eye out for “shrinkflation.”
"You really have to look at your packages to make sure that you kind of see what's happening,” he said. “I've been caught in this situation where again I thought, 'Oh my God. This is still the same price.' But when you look at it, it's like five ounces less."
Penfield said several supermarket chains are also offering a meal you can purchase all together that could help contain your costs.
