Ham, yams, the fam, and the inflation slam – yes, it’s Thanksgiving this weekend.
Or, in other words, while turkeys are getting stuffed, your wallets are not.
Driving the news: Grocery bills had increased by an average of 6.8% at the end of summer compared to August 2022, so go easy on the gravy train this weekend. One Toronto Redditor recently reported finding an oven-roasted turkey for $119.99 and other birds for $59.99.
Prices for butter, veggies, meat, wine, and baked goods are also at all-time highs.
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National food researcher Sylvain Charlebois says Canada’s 2023 Food Price Report predicted a 5 to 7% cost increase for grocery items like vegetables, dairy, and meat.
- Potatoes, corn, and cranberry sauce are all significantly affected, and 22% of Canadian households are planning to make menu adjustments as a result of higher prices.
Why it matters: Thanksgiving is already stressful — even if you’re not the one hosting the whole extended family. Add some inflated food prices, and you might be mad-mashing those potatoes harder than ever. Luckily, there are solutions to help mitigate costs this weekend:
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Make this year’s feast a potluck and ask each guest to bring a dish, cocktail, or wine, to share to lighten everyone’s financial load.
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Incorporate meat as an ingredient rather than the main dish to reduce overall costs. Think: Casseroles, soups, stews, and quiches.
- Think of what you can bake yourself, including making rolls, bread, or dessert, instead of buying pre-made options from a bakery.
Bottom line: And if you’re really feeling crazy, maybe skip the turkey altogether this year.—TJ