AUSTIN, Texas — As November begins, many are thinking ahead to Thanksgiving – and how much that table full of food is going to cost.
A new report from Wells Fargo makes a case for enjoying Thanksgiving lunch or dinner at a restaurant instead of at home this year.
Researchers evaluated data from the Consumer Price Index and compared it to data from November 2021. Their analysis found that, overall, the cost of food from a standard grocery trip has gone up nearly 10% in the past year.
"We have had to adjust our budget based on the prices and adjust maybe some of the products that we like to get. We've got to kind of give and take a little," said Cathy Douglas after doing her Thanksgiving grocery shopping in Austin.
Meanwhile, the cost of food at a restaurant has gone up by nearly 6%.
The Wells Fargo researchers say you could spend about the same on your favorite Thanksgiving dishes at a restaurant as you would whipping them up at home – and skip the dirty dishes while you're at it.
However, shopper Cole Towns said he knows the costs that can add up with eating out.
"I don't know that it would be cheaper because, you know, you also want to include plenty of gratuity for the people that are working," said Towns.
The researchers found eggs, butter and flour are the biggest factors making the big Thanksgiving dinner more expensive. And agriculture experts say you'll be paying more for turkey this year too.
"That's primarily because of a large avian flu outbreak earlier in 2022. That has led to about 6% fewer turkeys out in production compared to last year," Andrew Stevens, an assistant professor of Agricultural and Applied Economics at the University of Wisconsin – Madison, said.
Stevens said turkey prices are estimated to be up about 15%, while Wells Fargo reports an increase of around 23%.
Towns does note, however, with larger families like his, he can see how the grocery bill could quickly rise as compared to takeout.
"It was always more than one turkey, you know, stuff like that. So it's a big thing. And especially with the price increases," said Towns.
For both Douglas and Towns, they said it's more about being together and making memories that keep them from dining out.
"Restaurants get noisy and you can't hear and can't really talk to everybody necessarily. So it's nice to be at home," said Douglas.
To learn more about which Thanksgiving sides are scarce and which are seeing a surplus, check out the full Wells Fargo report.
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