LOUISVILLE, Ky. (WDRB) -- Families could be paying less for Thanksgiving dinner this year, compared to 2022.
According to the American Farm Bureau Federation's annual survey, the average cost of this year's Thanksgiving meal for 10 people costs $61.17, a decrease of 4.5% from last year's record-high. However, it's still up 25% compared to pre-pandemic 2019.
Frank Raymond, professor of economics at Bellarmine University, said price increases are leveling off, which is good for consumers.
"The news on inflation is probably better than it has been for a year and a half," Raymond said. "Prices are still rising and it will continue to rise. We're not going to see prices go down to what they were in 2019. That never happens unless there is a severe economic recession. You don't want that to happen."
Large grocery stores and smaller, locally-owned shops alike are preparing for the holiday.
Galan's Meat Market has three locations around the area including West Market Street in Louisville, Highway 44 in Shepherdsville, and it's newest shop on North Bardstown Road in Mt. Washington.
Galan's Meat Market & Deli.
Owners Carlos and Kim Galan are getting ready for Thanksgiving with turkey pre-sales.
"Just to separate ourselves from your common frozen turkey, we're offering the Amish Heritage fresh turkey which is a totally new experience, different experience," said Carlos Galan.
He said orders keep coming in and will be taken until this Friday.
"You can't get them no fresher than this," Galan added, and said while this type of turkey is a little more pricey per pound than frozen turkeys from a grocery store, the difference is something customers can taste.
The Kentucky Retail Federation said last year, turkey prices rose because the avian flu caused a shortage. Prices this Thanksgiving for the birds have dropped 5.6% from a year ago, according to the American Farm Bureau Federation.
Raymond said this year, the demand is the same but supply has greatly increased.
"So as a result you're seeing prices fall slightly when it comes to turkey," he explained.
Frozen turkeys at Kroger in Louisville, Ky.
A statement from Kroger said Kentuckians can get "all the staples for less than $5 per person," noting that the price tag is lower than last year's cost.
Despite saving money this year, experts still say these prices are quite a bit of an increase compared to pre-pandemic levels. Raymond recommends consumers make smart spending decisions this holiday season.
"Always go the extra mile to save a little bit more because it helps certainly during times of uncertainty to have extra savings in the bank," Raymond said, also mentioning that interest rates have increased. "Be real careful not to extend yourself too far when it comes to individual credit."
As for the travel plans this Thanksgiving holiday, AAA projects 55.4 million Americans will drive or fly somewhere to celebrate.
"If you're planning on traveling, you need to pack your patience because it's going to be very busy," said AAA spokesperson Lynda Lambert.
She said 4.7 million people are expected to fly and 49 million people will drive. She said between 2 p.m. and 6 p.m. Wednesday and Thursday will be busiest times to travel.
These 2023 Thanksgiving travel expectations are 2.3% higher than last year.
"It's the third highest year since AAA started keeping track back in 2000. The other two years that were higher were 2005 and 2019 right before the pandemic," she said.
Some good news while potentially sitting in traffic, could be the price at the pump. Lambert said gas prices are trending down. Currently Kentucky's average price per gallon is less than three dollars.
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