Turkeys Can’t Soar, But Prices for Thanksgiving Dinner Might

What do you plan to spend on this year’s Thanksgiving feast? The American Farm Bureau Federation will release next week its annual cost of Thanksgiving dinner report, but shoppers have already seen prices increases at the grocery store because of the summer drought.

One-third (32 percent) of Affluent households plan to spend between $50-$99 on their Thanksgiving dinner, according to a new survey conducted by Millionaire Corner. Twenty-eight percent said they will spend between $100-$199.

Last year, the retail cost of the classic American Thanksgiving feast increased about 13 percent from the previous year, the American Farm Bureau Federation found. The average cost for a dinner for 10 was $49.20, up from $43.47 the previous year. This was the biggest price jump since 2007, when the Thanksgiving dinner price tag rose $4.16.

The impact on prices of  the worst drought to plague the country in decades is expected to be felt just in time for Thanksgiving dinner shopping, with increases expected on turkey, dairy products and vegetable oils.

The Chicago Sun-Times, citing Consumer Price Index data,  reports that poultry prices are 5.6 percent higher than last year, with chicken prices up 5.3 percent and other poultry prices, including turkey, up 6.9 percent.

Nearly two-thirds (65 percent) of Affluent households plan to cook their Thanksgiving dinner, our new survey found, with the highest percentage (73 percent) being between the ages 41-50.

More than one-third (35 percent) expect to cook for between six-to-ten people, while 33 percent said they will be serving between one-to-five guests.

The real pinch at the grocery store checkout line will be fully felt next year, the U.S. Department of Agriculture forecasts. The price of beef may rise by as much as 5 percent, while poultry prices could increase by as much as 4 percent, as will eggs.

Got milk? It could cost you $6 a gallon in 2013 should lawmakers in the House and Senate fail to pass a new farm bill, MSN Money reports.