Aside from usual holiday gift spending, many people are planning their grocery shopping lists for Thanksgiving, Christmas and Hanukkah dinners.
Though inflation has “shown signs of cooling,” according to CNBC, some items at the holiday dinner table will cost a bit more than last year.
Data from Statista shows 81% of Americans plan to have a home-cooked holiday dinner this year.
Here's a look at what holiday food essentials will cost more (and less) in 2023.
Foods that will cost more in 2023
Ham
The Bureau of Labor Statistics reports the cost of ham has risen by 5%, or $0.22, compared to September 2022, bringing the cost per pound to $4.56 on average.
Roast Beef
The Bureau of Labor Statistics reports the cost of roast beef has risen by 6%, or $0.42, compared to September 2022, bringing the average cost per pound to $7.25.
The price of beef products in general in the U.S. has skyrocketed, with no signs of slowing down, according to CNBC. The business outlet reported in October that the rise in the cost of beef is due to the shrinking cattle population in the U.S., especially in states like Texas and Kansas.
The price per pound sits at around $8, according to data from the United States Department of Agriculture.
Sugar
If you’re planning on adding Christmas cookies or pumpkin pie to your holiday menu, sugar will cost about 15%, or $0.13, more per pound this year. This increase brings the cost to $0.97 per pound on average.
Bread
The price of white bread increased by 12%, or $0.22, in 2023, bringing the per-pound cost to $1.97 on average, according to the Bureau of Labor Statistics.
Potatoes
The price of this classic holiday vegetable increased slightly by just under 3%, or $0.03, in 2023, bringing the average cost per pound of potatoes to $1.04.
Macaroni
The price of macaroni increased in 2023 by just under 4%, or $0.05, bringing the cost to $1.41 per pound, data shows.
Beer and Wine
The price of beer per 16-ounces increased by just over 4%, or $0.08, in 2023 compared to the previous year, bringing the average cost per serving to $1.74.
The price of wine saw a (very) slight increase of 1%, or $0.16, bringing the cost per single-liter to $13.67 on average.
Corn
One ear of corn will cost you about $0.67 on average in 2023 — this is about a 40%, or $0.19, hike from 2022 prices.
Sweet potatoes
This holiday vegetable will cost you about $1.29 per pound on average, an increase of about 37%, or $0.35, compared to 2022.
Foods that will cost less in 2023
Eggs
Egg prices saw one of the biggest year-over-year decreases in 2023 – thanks in part to a shift from the record-high prices we saw in 2022.
Egg prices fell by about 29%, or $0.84, to $2.06 for one dozen of large, grade A eggs, according to the Bureau of Labor Statistics.
Chicken
The price of boneless chicken breast fell by about 11%, or $0.52, over the past year, bringing the cost to $4.23 per pound.
Milk
A gallon of milk will cost about $3.97 on average this year, which is 5%, or $0.22, less than the 2022 price, data shows.
Apples
One pound of Red Delicious apples costs an average $1.13 this year, about 27%, or $0.42, less than the cost in 2022.
Green beans
One pound of green beans costs an average of $1.63, about 4%, or $0.07, less than the cost in 2022.
Carrots
One pound of carrots will cost you $1.15, the data shows. This is about 1%, or $0.01, less than the average cost in 2022.
How much will turkey cost this year?
The Bureau of Labor Statistics does not track the annual price of turkey – though data from the American Farm Bureau Federation shows a hefty price decrease this year compared to 2022.
The average price for an eight to 16-pound turkey is $1.27 per pound, as of August, according to the federation.
This year’s price per pound is down 22% compared to 2022, the data shows.
As for what’s behind the decrease – the federation credits a decline in bird flu cases.
“A robust turkey population is good news for farmers and families across the country,” the federation said.
Retailers tackling inflation this holiday season
As some prices increase this year, big-box stores are offering wallet-friendly dinner options for those looking to save this holiday season.
A pre-packaged Thanksgiving dinner at Target will feed a family of four for $25. The package includes a 10-pound turkey, potatoes, canned green beans, jarred gravy, canned cranberry sauce, cream of mushroom soup and pre-made stuffing.
While this meal means skipping the fresh, home-cooked holiday favorites, the final cost won’t break the bank.
Walmart is offering two holiday meal packages — one ready-to-cook option and another kit with the ingredients to cook a meal from scratch.
The store says the packages will include a turkey priced at under $1 per pound.
To see how inflation will impact your holiday grocery shopping this year, use the tool below.
All average prices from September, except turkey which is from August. Prices for ham, chicken, roast beef, eggs, macaroni, flour, sugar, bread, cheese, butter, milk, potatoes, beer and wine from the Bureau of Labor Statistics. Prices for turkey, apples, green beans, carrots, corn and sweet potatoes from the USDA Agricultural Marketing Service.
