Families can expect to pay record high prices at the grocery store for turkey this upcoming holiday season - thanks to the impacts of the bird flu and inflation. American Farm Bureau Federation economists analyzed turkey and egg costs in their latest Market Intel.
The retail price for fresh boneless, skinless turkey breast reached a record high of $6.70 per pound in September, 112% higher than the same time in 2021 when prices were $3.16 per pound. The previous record high price was $5.88 per pound in November 2015, during the highly pathogenic avian influenza (HPAI) outbreak.
Inflation is adding to the price hikes. All retail food prices were 11.4% higher in August compared to the same time last year. Despite the higher prices, there should be enough turkeys available for the Thanksgiving demand.
"All of us are feeling the pain of higher prices at the grocery store," said American Farm Bureau Federation President Zippy Duvall. "HPAI outbreaks in the spring and an uptick in cases in the fall are taking a toll, but farmers remain dedicated to ensuring America's food supply remains strong."
While egg prices have come down from record highs in July, the average price for a dozen grade A eggs is $2.34, 27% higher than the same time in 2021, and 44% above the five-year average of $1.29.
Editor’s Take:
Inflation is a cruel tax, especially on lower income families and those on a limited fixed income. Regardless, consumers will be paying more for their traditional Thanksgiving turkey this holiday season. Besides the inflationary pressures brought about by government overspending, the loss of nearly 50 million chickens and turkeys has also been a contributing factor in rising poultry meat and eggs prices. All that only exacerbates the problem many folks are having with simply meeting day-to-day living expenses. The higher prices are forcing them to make unfavorable decisions about larger expenditures for items like housing and transportation. That is one reason we continue to suggest agricultural customers as a solid bet for CAD members to focus their marketing attention. Farmers/ranchers do have the means and they have the need to purchase a truck or maybe multiple trucks in 2022 and 2023.
