The Squeeze: Due to inflation, experts say it will cost less to eat out on Thanksgiving than to host
NEW YORK -- In the latest edition of The Squeeze, CBS2 examines inflation and Thanksgiving. This year, you will pay a lot more for turkey and most of the trimmings.
CBS2's Dave Carlin has more on the numbers and has an expert's tips on ways to save.
We're going to be forced to pay more for almost everything we count on for Thanksgiving, especially the turkey.
"If nothing else, I'm going to get that turkey and make it really good," Flatbush, Brooklyn resident Christine Hargrave said.
It was a shock for Hargrave when she saw the price tag -- $43.
"Oh my god, I might have to charge people by the plate," she said.
"So, unfortunately, inflation is really going to be that unwanted dinner guest this year," said Kristin Myer, editor-in-chief of the personal finance website The Balance.
Myers says turkey is 17 percent more expensive than last year. The same percentage increase applies to potatoes. Corn is up more than 11 percent, ham more than 8 percent and the price of pumpkin is 2.5 percent higher.
"You might want to forget the pumpkin pie and go to something else instead. Maybe apple pie, if you like it," Myers said.
Myers says this year for Thanksgiving there's an interesting tale to be told about cranberry sauce.
"That cranberry sauce that you might want with your turkey and with those potatoes are actually cheaper this year. They've dropped about 8 percent in 2022 since 2021, but that is the only item we're seeing with some price declines," she said.
Myers says count on coupons, and you should comparison shop, which Hargrave also recommends.
"I go to certain supermarkets for certain things. So I'll shop from three stores before I get anything I want," Hargrave said, adding she will comparison shop.
"You might decide how I can only afford to make the turkey this year. Somebody else needs to bring candied yams. Somebody else can bring the dessert. And that way you can actually spread out the cost of Thanksgiving around," Myers said.
Myers suggests opting for Thanksgiving dinner away from home.
"The cost of going out dining, dining out, going to a restaurant, is actually gone up less than the cost associated with buying your own groceries," she said.
The many options for Thanksgiving meals out include Blue Restaurant in Hell's Kitchen.
"We will definitely be open on Thanksgiving," said marketing coordinator Jade Barnett-Irons. "Prix fixe menus can be a great way to get a good deal. Enjoy the holiday. Do less work, spend less."
Another tip is to try to cut down your guest list. But with so many family members and friends you want to see, it may be a bigger overall cost you'll just have to eat.
