Your Thanksgiving turkey will cost double this year. Here’s why
Thanksgiving #Thanksgiving
There are enough turkeys to meet the holiday demand this year. Still, turkeys are going to cost double to put on the table. But why would the cost go up if there’s enough supply to meet the demand, in economists’ terms?
The villains in this story are inflation and avian flu.
SEE ALSO: National debt reaches grim milestone, exceeding $31 trillion
The previous record for turkey prices was back in 2015, when customers were paying $5.88 per pound. In September of this year, the cost is almost a dollar over the 2015 record–at $6.70 a pound.
The $3.16 price of turkey in 2021 will be hard to remember when the cost this year is already more than double that. Food prices across stores are up over 11%, so paying for the rest of your Thanksgiving table will be tougher.
Turkey feed, fuel and fertilizer all experienced cost hikes this year which contributed to the inflated cost.
READ MORE: Strong dollar accompanies Federal Reserve’s fight against inflation
Waterfowl migration is driving the spread of avian flu this year, which has diminished some supply by wiping out some flocks.
“It has knocked out a lot of breeder flocks, so egg production is greatly reduced,” Louisa County farmer Casey Hoback explained. “Supply is quickly drying up in spots, and there’s not an overnight replacement. It takes months of growing time.”
Despite the flu hitting turkeys extra hard this year, supply is expected to meet demand from customers seeking to celebrate Thanksgiving and the holidays.