Happy Thanksgiving!
Damian Mason
Businessman, Agriculturist, Speaker, Author, Podcaster, Host of XtremeAg.farm's "Cutting The Curve."
It’s important to remember this time of year of all that we have to be grateful for. I’ll go with being thankful for turkey farmers. Several years ago, I raised turkeys. The experiment went like a lot of hobby farming operations — I lost money!
I’m also thankful for my loving and supportive wife, my awesome doggies, my friends who make life fun, and my clients and followers over the last 3 decades who’ve made it all possible. Thank you. I’m grateful!
Food Inflation Persists
After food inflation’s huge jump beginning with 2020’s disrupted and shut down economy, food prices are adjusting. Although grocery store prices are still 1.1% higher than a year ago, that’s a welcome relief from the days of double digit inflation at the supermarket. It’s my prediction, those prices will never come back down to where they were in 2019. As economists say…grocery store prices are “sticky,” sort of like wages…once they go up, they don’t typically decline.
Also, if we see tariffs on food imports, trade disruptions, or RFK’s regulation threats come to fruition, those things are typically drivers of inflation.
But Thanksgiving Dinner Got Cheaper!
Your shopping cart for traditional Turkey Day items will cost you less than it did last year and considerably less than it did in 2022 - the peak year for food inflation.
The American Farm Bureau Federation computes the price to feed 10 people Thanksgiving dinner. The price this year: $58.08, which is better than 2022’s price of $64.05 but way worse than the 2019 rate of $48.91.
Of course these numbers vary greatly based on how picky you are about branded items, your tendency toward buying organic or fresh turkey, etc…. Not to mention, how much your guests eat. If you’re on a tight budget, invite your skinny guest list!
Turkey Facts
Minnesota produces more turkeys than any other U.S. state.
The average American consumes a little more than 15 pounds of turkey annually.
What’s Regenified Turkey You Ask?
Watch this episode of The Business of Agriculture with turkey producer Diestel Ranch. While you’re on my YouTube page, please subscribe!
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