Thanksgiving Dinner Cost Slightly Down in Indiana, But Still High Relative to Recent Years

The Indiana Farm Bureau has released its annual market basket survey.

INDIANAPOLIS – Hoosiers gathering around the table for Thanksgiving dinner will find slight relief in grocery prices this year.

Indiana Farm Bureau’s annual Thanksgiving market basket survey shows that Hoosier shoppers can expect to spend approximately two percent less on groceries compared to 2023.

According to this year’s pricing survey, Hoosiers are paying an average of $53.31 for a Thanksgiving dinner for 10 people, or $5.33 per person. Indiana’s market basket price also is approximately 8 percent lower, 48 cents less, than the U.S. average price of $58.08, or $5.81 per person.

The cost is still 25 percent higher than it was five years ago, which highlights the impact inflation has had on food prices since the pandemic. According to the U.S. Bureau of Labor Statistics, this is on par with the track of cumulative inflation for food at home, which has increased by 26 percent.

According to INFB Chief Economist Todd Davis, a main driver of the decrease in Indiana is the lower cost of the turkey, which is also less than the national average this year. Shoppers can expect to pay approximately $1.33 per pound for a whole turkey, or $21.22 for a 16-pound bird, which is about 17 percent less expensive than the national average of $25.67.

“Indiana ranks third in turkey production, with more than 8.4 million turkeys in the state, according to the latest U.S. Department of Agriculture’s (USDA) Census of Agriculture,” said Dr. Davis. “The turkey accounts for about 44 percent of the Thanksgiving dinner, so with Indiana in the heart of turkey production and with retail turkey prices down, it isn’t surprising that the turkey is more affordable this year, specifically in the Midwest.

Half of the items in the market basket are less expensive for Hoosiers compared to last year, most notably pie shells and sweet potatoes. There are a few items that increased in price. The largest percentage price increase is for cranberries and whipping cream.

The INFB Thanksgiving market basket survey is conducted in early November by volunteer shoppers across the state who collected prices on specific food items from one of their local grocery stores.