KNOXVILLE, TN - As Tennesseans begin to for Thanksgiving, many may be wondering how this year’s feast will impact their budget. Access Tennessee's Will Nunley has the story:

University of Tennessee Extension has found that, despite some recent grocery price increases, families can expect to spend slightly less on their Thanksgiving meals than they did last year.

UT Agricultural and Resource Economics Professor Andrew Griffith reports that wholesale turkey breast prices are down 24% compared to 2023, ranging between $1.97 and $2.73 per pound and currently sitting near the bottom of that range. Similarly, 8 to 16-pound whole hen prices at the wholesale level are down 23% from a year ago and will likely trade between $0.80 and $0.90 per pound leading up to Thanksgiving.

While the cost of these classic Thanksgiving mains has decreased, staples like milk and eggs have seen an increase in prices compared to 2023.

“The retail price of eggs in September was $3.82 per dozen, which is the highest price since February 2023 and represents an increase of $1.76 per dozen compared to September 2023,” Griffith explained. “Additionally, the price of a gallon of milk is up 1.4% over last year’s $4.02 per gallon.”

Despite these increases, the UT Extension Economics Leadership Team has found that the total cost of Thanksgiving meals will be down in 2024 compared to last year, no matter which retailers you shop. Led by Professor and Consumer Economics Specialist Ann Berry, the team surveyed grocery stores across Tennessee from November 1 to November 8, selecting this timeframe to capture holiday specials on traditional Thanksgiving meal items. Store brand prices were used when available.

At the time the survey was conducted, the average cost of the holiday meal was $126.76, including all the stores surveyed, with a per-person cost of $12.68. Without including the high-end store prices, the total average cost came to $116.26, with a per-person cost of $11.63. In 2023, the total cost of the complete meal for 10 was $128.02, with a per-person cost of $12.80.

“Tennessee residents will be pleased to find that the featured items for the holiday meal and usually the items that take the greatest portion of the budget for the meal, the turkey and the ham, decreased in price this year,” said Berry, explaining that turkey prices decreased by 15% and ham by 18.8%. Other items decreasing in price include crispy fried onions (17.8%), stuffing mix (26%), pecan halves (14%) and evaporated milk (10%).

The price for a can of mushroom soup remained about the same: $1.34 compared to $1.33 in 2023. However, prices for the remaining items on our shopping list increased. Price increases ranged from a low of 1.8% for russet potatoes to a whopping 78% for canned pumpkin pie mix. In addition to the pumpkin pie mix, items with the largest percentage increase over last year include eggs (76%), one-pound vegetable trays (35%) and whipping cream (14%).

Although food prices may seem like the most important factor in getting the best value for your holiday meal, UT Extension reminds Tennessee residents that there are other important considerations to keep in mind as well.

“Wasting groceries is very expensive, and families across the United States are estimated to waste 316 million pounds of food this Thanksgiving,” said Kristen Johnson, associate professor and UT Extension nutrition specialist.

Johnson and Berry provide the following tips to help you eliminate food waste and save money not only this holiday season, but throughout the year as well:

• Plan and Estimate: Think about your past Thanksgiving meals and consider what was eaten the most and what was eaten the least. Can any dishes be left out this year? Once you have made your meal plan, be realistic about how much food you and your guests will eat using tools like the Guest-Imator to estimate how much food you will need to prepare based on the number of guests you will serve, your guests’ appetites, the dishes you plan to make and the number of leftover meals you desire.

• Shop Smart: Use your meal plan to develop a shopping list including the amount of each item you will need to prepare your meal. Check your kitchen first to make sure you don’t buy ingredients that you already have on hand and then stick to your shopping list once you get to the store. Unplanned purchases can derail your budget and could result in wasted food. Compare prices among stores in your community before you shop, keeping in mind that weekly sales typically start on Wednesday during the week and last until Tuesday of the following week.

• Use Your Leftovers: Leftovers are a great way to get the most from your food and your money. Plan to use your leftovers within 3 to 4 days so that they remain safe to eat. Some items can be frozen to prolong their use.