New data shows some not-so-good news for your bank account. According to CNN, the market research firm IRI predicts that a holiday meal will cost 13.5% more than last year. In its prediction, IRI included turkey, baking essentials, beverages, and popular side dishes.

Extreme weather conditions like drought and diseases like the avian flu have contributed to the high food inflation. This may come as no surprise. IRI conducted a survey showing that 38% of consumers know they will pay more for their family’s Thanksgiving meal this year. Family members may not have to worry about their favorite dish missing from the holiday spread. The survey also shows that the family cook still plans to buy the same food as last year.

IRI believes it will only help you save a little, but expected promotions could help lower the cost. Grocery chains Aldi and Lidl are taking the lead by promising low prices ahead of Thanksgiving. Aldi is going back to before the coronavirus pandemic. The grocery store chain is promoting 2019 prices. Lidl says its Thanksgiving basket will cost under $30 and feed 10 people. Usually, the basket includes a frozen turkey, sweet potatoes, and more.

If you’re the host of this year’s Thanksgiving dinner, MarketWatch suggests this list of ways not to spend too much. First, put together a budget and stick to it. Next, try to save on the turkey. Instead of fresh, try a frozen turkey. Last suggestion, try a potluck, so everyone shares in the cost. You could host an appetizer-only party or add BYOB to the invitation.

 

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