Maggie: For the past 27 years, the American Farm Bureau Federation has figured out just how much the average family will be spending each year on a typical Thanksgiving dinner.
This dinner includes things like the turkey with the all fixin’s; cranberries, stuffing, mashed potatoes and sides and appetizers, pumpkin pie with whipped cream for dessert, and, of course, the beverages – enough food to feed a family of ten, along with plenty for leftovers.
This year, the average cost of Thanksgiving is $49.48. That is 28 cents more than last year, and about 20 bucks more than the year most of you seniors were born.
Back in 1995, the holiday dinner was averaging $29.64. You can see that is a big increase over the last 18 years.
So here is a pop quiz for you!
What is it called when prices go up over time?
A. Cost of living
D. Fiscal cliff
Take ten to think it over.
The correct answer is “B,” inflation.
Inflation is the increase in cost of goods and services over a set length of time.
Now, even though the cost of Thanksgiving has nearly doubled in your lifetime, the American Farm Bureau Federation says that when you take into account overall inflation, there is very little change.
This year’s big ticket item, a 16-pound turkey, came in at $22.23, or about $1.39 per pound.
That is up about four cents a pound compared to 2011.
But prices were down this year for the whipping cream, cubed stuffing and sweet potatoes.
Maggie Rulli, Channel One News.
- What is inflation?