Ahead of Thanksgiving, the price of turkey prices has risen, raising concerns over consumer holiday grocery budget burdens.
Recently, Fox Business reported that nationwide wholesale turkey prices have surged by 12% this year. The analysis indicates that overall production costs, including feed and fuel, have increased, placing heavy price hike pressures particularly on small-scale family farms.
DiPaola Turkey Farms, located in Hamilton, New Jersey, recently raised its retail prices by 30 cents per pound.
Farm owner Artie DiPaola explained that production cost burdens have grown as the prices of corn and soybeans, the main feed for turkeys, increased by 10% to 12%.
He expressed a heavy heart, stating that with overall production costs rising, the burden of price increases has to be passed on to long-time regular customers.
For this 78-year-old family farm, rising feed costs along with increasing fuel and other operational expenses have made price hikes unavoidable.
However, the loyalty built with customers over a long period is helping to ease some of the financial burden.
DiPaola stated that fortunately, increased sales volume is helping to offset a portion of the daily rising cost burdens.
As these production cost increases are reflected in retail prices, consumers looking to purchase a turkey for Thanksgiving this year are expected to face a heavier financial burden.
