Thanksgiving food forecast: Prices going up, but there are 'bright spots'
With Thanksgiving six weeks away, shoppers will see food prices higher than this time last year, according to consulting firm PwC.
The increase in food prices comes amid higher inflation, which rose to a 4-month high last month as the Iran war continues to drive up gasoline prices.
PwC gave "Good Morning America" an exclusive look at the food forecast ahead of the big holiday.
"This year Thanksgiving is expected to cost the average American family about $90 versus just $88 last year," Ali Furman, a consumer markets industry leader at PWC, told "GMA."
For the star of the Thanksgiving table, PwC said turkey will cost Americans nearly 8 percent more than last year and a smaller cranberry harvest and higher production costs will cause cranberry prices to go up nearly 15% as well.
"But there's some bright spots. Butter is down 10% and cream is down 6%. So that will help offset some of those increases," Furman said.
To offset higher food prices, experts recommend preparing earlier and shopping for essentials, like shelf-stable ingredients, that go on sale ahead of time.
"Families are managing their budgets very closely this year. More shoppers are using AI to help compare prices and find discounts," Furman said.
Some retailers are already offering savings opportunities.
Aldi is promoting their Thanksgiving meal basket -- including meal ingredients for a party of 10, such as a 16-pound turkey, side dishes and a pumpkin pie -- for under $39.
Sam's Club is also out with their biggest Thanksgiving meal deal, at about $160, which can feed up to 16 people. The meal includes a charcuterie tray, boneless ham, smoked turkey, mashed potatoes, gravy and more.
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