Thanksgiving meals will cost less in Arkansas this year compared with a year ago, driven by falling turkey prices, according to an annual survey by the Arkansas Farm Bureau.
It's the second year in a row that the average price for the Thanksgiving meal has fallen. This year, the price hit $44.84 for a family of 10, or $4.48 a person. Last year's survey found the average cost at $45.25 for a family of 10.
"Generally, among the items surveyed, the fresh food items averaged steady with year-ago levels while processed food items showed slight but consistent increases," said Travis Justice, chief economist at the Arkansas Farm Bureau.
Turkey prices are cheaper than last year, according to the survey. The average price of a 16-pound young tom turkey is $16.12, or $1.01 per pound, compared with $17.40 last year. The American Farm Bureau's national survey reported an average of $22.74, or $1.42 per pound. The price of a gallon of whole milk fell 83 cents to $3.22.
The price of cubed stuffing, a 30-ounce can of pumpkin pie mix, rolls, and frozen green peas increased, according to the survey.
"Turkey prices were down 8 percent, reflecting this year's increased level of turkey production and domestic supplies," Justice said. "At the same time, higher milk production across the U.S. and lower exports for the year have forced domestic prices lower."
The Arkansas Farm Bureau surveys grocery stores and supermarkets across the state. It asks for the best in-store price for 12 traditional Thanksgiving items. The stores are allowed to use advertised promotions or discounts. The shopping list has been the same every year since 1986.
Randy Veach, president of the Arkansas Farm Bureau, said this year's low fuel prices helped customers see cheaper prices on grocery stores shelves, despite harsh crop conditions across the country.
"Despite the fact many Arkansas farmers had to again overcome the effects of flooding in the spring and just before harvest, because of their reliance on the latest research and technological advances, they are able to hold down their cost of production," Veach said.
Arkansas remains more affordable than other areas of the country. Nationally, last year's average Thanksgiving meal price reached a record high as the U.S. bird flu outbreak decimated turkey supplies and pushed costs up, along with a summer rain that affected the country's pumpkin crop.
This year, the national cost of a Thanksgiving meal fell 0.5 percent to $49.87 per 10 people, according to the American Farm Bureau.
"We have seen farm prices for many foods -- including turkeys -- fall from the higher levels of recent years," said John Newton, American Farm Bureau director of market intelligence. "This translates into lower retail prices for a number of items as we prepare for Thanksgiving and confirms that U.S. consumers benefit from an abundant, high-quality and affordable food supply."
Business on 11/23/2016