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Thanksgiving gobbling up your money? Tips to keep costs down

Turkey prices, on average, are up 70 cents per pound from last year and inflation isn't the only reason why.

HOUSTON — Thanksgiving is 10 days away but some people have already started shopping for the turkey and all the trimmings. With grocery prices up nearly 12.5%, according to the Bureau of Labor Statistics, families should prepare to dish out more than just second helpings.

Turkey prices, on average, are up 70 cents per pound from last year. David Anderson, Ph.D., a Texas A&M Agrilife Extension economist and professor in the Department of Agricultural Economics, said inflation isn’t the only reason.

“Well, the big thing is we don’t have as many of them this year as we did last year,” Anderson said.

RELATED: Why are turkeys hard to find this year?

This year, avian influenza killed more than 6 million turkeys in the United States.

Anderson said that higher feed costs -- meaning it costs more to raise turkeys -- is also contributing to higher prices for consumers.

The Bureau of Labor Statistics said the average price of a frozen bird is $2.45 a pound this year, up 17% from last year.

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Inflation is also a factor and will make the price of other Thanksgiving favorites cost more, too. Eggs cost 43% more, butter is up nearly 27% and flour is up 25%.

Here are some tips to keep your money from being gobbled up:

  1. Go frozen. Frozen turkeys, fruits and vegetables are usually cheaper.
  2. Shop around. Aldi, for example, said its non-perishable items will be priced the same as they were in 2019.
  3. Look for deals. Stores usually offer specials on turkeys leading up to the holidays.
  4. Make it a potluck holiday.

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