We don't know how many Americans will be having a traditional Thanksgiving Dinner this year. Some estimates suggest over 50% will continue with normal traditions, while the rest will be scaling it back or cutting down considerably. As for us, we're just trying to figure out how to share a turkey leg via Zoom.
While our Thanksgiving Dinner may be pared down this year, the menu will likely be the same, or similar to what we normally eat. Even if it changes, the American Farm Bureau Federation (AFBF) Annual Cost survey remains. Now in its 35th year, this informal survey tells us more about inflation than anything else. Plus, it's fun.
The cost of the turkey itself is down 7% from last year. It's the lowest retail price for turkey in ten years. Dr. John Newton, AFBF Chief Economist, suggests they are being priced as "loss leaders" to entice shoppers into stores. Once inside, the hope is the shopping will extend beyond the bird. In this environment especially, it probably will.
As a reminder, the AFBF survey is not a scientific study, but an informal survey conducted by volunteers across the country. This year, more than 230 volunteers took their lists to check prices at grocery stores in all 50 states. They were instructed to look for the best possible prices without using coupons or other special deals.
As a reminder, the AFBF survey is not a scientific study, but an informal survey conducted by volunteers across the country. This year, more than 230 volunteers took their lists to check prices at grocery stores in all 50 states. They were instructed to look for the best possible prices without using coupons or other special deals.
The original basket items have remained unchanged since the survey began in 1986. The cost for these 12 items in quantities to feed ten people, is less than $5 per person. The three new items (that were added in 2018) bring that total up to just over $6.
If your dinner costs more than this, you're not alone. The AFBF menu does not include beverages, appetizers or many extras. But it is heartening to know that a well-rounded turkey dinner is still affordable for most Americans. We can thank our farmers and ranchers for that. They have been working tirelessly through the pandemic to continue to bring food to our stores and tables.However, a reminder of what Dr. Newton, told us last year,
"Americans continue to enjoy the most affordable food supply in the world, but most don't realize only 8 cents of every dollar consumers spend on food goes to farmers."
Today, we'd like to thank our farmers and the community banks that keep them churning. A list of the 50 community banks with the most dollars loaned to U.S. farmers can be found on page 7 of this week's issue of Jumbo Rate News.
