Thanksgiving dinner in 2023 cheaper than last year, but prices remain at historic highs

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 FOX Business host Charles Payne wishes viewers a happy Thanksgiving on 'Making Money.'

Thanksgiving dinner will be about 4.5% cheaper this year compared to 2022, but prices for the classic holiday meal still remain historically high, according to the American Farm Bureau Federation's 38th annual survey.

Americans can expect to spend an average of $61.17 on a feast for 10 people – about $6.12 per person – this holiday season, which is $2.88 cheaper than last year's record-high average of $64.05. Though the decrease is encouraging, the average Thanksgiving meal is still about 25% more expensive than it was in 2019.

The biggest role player in this year's decrease is the centerpiece of the meal – the turkey. A 16-pound turkey currently costs $27.35 on average, down approximately 5.6% from 2022.

«Traditionally, the turkey is the most expensive item on the Thanksgiving dinner table,» said AFBF Senior Economist Veronica Nigh. «Turkey prices have fallen thanks to a sharp reduction in cases of avian influenza, which have allowed production to increase in time for the holiday.»

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The centerpiece of the Thanksgiving meal – the turkey – plays a major role in the lower average cost for the holiday feast in 2023, recording a 5.6% price decrease over the past year. (Smith Collection/Gado/Getty Images / Getty Images)

Whole frozen turkeys may become even more affordable leading up to the Thanksgiving holiday as the survey was conducted from Nov. 1 through Nov. 6 and USDA Agricultural Marketing Service data has reported lower costs since then.

After the turkey, the remaining sides included stuffing, sweet potatoes, rolls with butter, peas, cranberries, a