With inflation at a 30-year high and turkey prices rising, Thanksgiving dinner in 2021 might end up being one of the priciest holiday meals on record. U.S. turkey farmers have been battered by a range of supply chain issues including labor shortages in processing plants and higher costs in everything including feed, transportation and packaging materials. Those disruptions have caused turkey prices to spike. As of November 2021 the wholesale price of frozen whole tom turkeys weighing 16 to 24 lbs was $1.36 per pound, 18% higher than a year earlier.
And turkeys are also in shorter supply. In October 2021, the U.S. Department of Agriculture said the supply of turkeys in cold storage was down 20% from a year earlier. More than 109 million Americans are expected to travel for Thanksgiving in 2021 and 65% of Americans expect Covid-19 to impact their Thanksgiving celebrations. So what can consumers expect when they shop for their Thanksgiving turkey and what impact will the supply chain crisis have on the nation’s turkey farmers?
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Why Turkey Prices Are Rising