Turkey costs less this Thanksgiving as prices fall for second straight year
Butterball CEO says inflation has hit everyone the past few years, so the company has worked hard to cut prices
Butterball CEO Jay Jandrain sheds light on the demand for turkeys ahead of Thanksgiving and the impact of inflation on the holiday season.
Here's something to be thankful for in this season of gratitude: The price of turkey fell for a second consecutive year.
The American Farm Bureau Federation's (AFBF) annual Thanksgiving Survey found the cost of turkey is down 6% from a year ago, with the average price of a 16-pound bird coming in at $25.67.
The price of turkey for Thanksgiving fell for a second straight year, but the holiday meal is still up nearly 20% from five years ago. (Robert Nickelsberg/Getty Images / Getty Images)
Still, the moderate decrease in the price of the signature main course might be little consolation to some consumers after the elevated inflation over the past four years. The AFBF found the price of the typical Thanksgiving meal is up 19% from five years ago.
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Butterball CEO Jay Jandrain confirmed to FOX Business' "Cavuto: Coast to Coast" on Friday that inflation is still top of mind for the consumer.
Turkeys are displayed for sale in a grocery store ahead of the Thanksgiving holiday in Los Angeles on Nov. 11, 2021. (Mario Tama/Getty Images / Getty Images)
"We know coming into this holiday, and for the last couple of years… inflation has been a big deal," Jandrain told host Neil Cavuto. "We've experienced it in our operation, just as the consumer has, and because of that, we really worked hard with the retailers this year to make sure that we can provide an even better value."
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Jandrain said that some consumers might be cutting back on some purchases this year amid squeezed budgets, but they will not give up their turkey. He explained that 86% of U.S. consumers celebrate Thanksgiving, and 87% of those will have turkey on the table.
Butterball CEO Jay Jandrain says 86% of American consumers celebrate Thanksgiving, with 87% of those eating turkey. (Smith Collection/Gado/Getty Images / Getty Images)
"We are seeing a little bit better pricing at the retail level this year than we have in the past year, and we're able to track how sales are going here on a daily basis through many of our retailers, and sales have been very strong," Jandrain said.
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"We're ahead of last year already, and the consumer is certainly seeing a value for the turkey that they're getting."