Wholesale turkey prices soar ahead of Thanksgiving. Here’s what’s behind the surge.

Turkey Prices Soaring Ahead of Thanksgiving

As Thanksgiving approaches, the cost of turkeys is on the rise, with wholesale prices experiencing a significant increase. According to a September report from the United States Agriculture Department, frozen turkey prices are expected to reach $1.32 per pound this year, a 40% jump from the previous year’s average of $0.94 per pound.

The spike in prices can be attributed to a decrease in supply. Recent years have seen a reduction in the number of available turkeys due to weakened demand and outbreaks of avian flu. More than 3 million turkeys have been affected by bird flu outbreaks this year, contributing to a decrease in supply.

Despite the challenges in the turkey industry, retailers are offering deals to attract budget-conscious customers. Walmart and Aldi have both introduced special offers on turkeys, with Walmart selling Butterball turkeys for $0.97 per pound and Aldi offering a 10-person meal deal for $40.

Deals Abound

According to David Ortega, a food economist at Michigan State University, retailers often use turkeys as a loss leader, pricing them competitively to draw in shoppers before Thanksgiving. This strategy has led to lower prices for Thanksgiving meals compared to previous years.

Despite the increase in wholesale turkey prices, consumer prices are not expected to rise significantly. Bernt Nelson, an economist at the American Farm Bureau Federation, predicts that any price increases at the grocery store will be minimal compared to the wholesale price surge.

While turkey prices may be on the rise, other Thanksgiving dinner ingredients like butter, milk, and potatoes have remained relatively stable in price. This is good news for shoppers looking to prepare a traditional Thanksgiving feast without breaking the bank.