Nov. 1 (UPI) -- A report compiled by Wells Fargo has analyzed the cost of eating at home versus the cost of eating out this Thanksgiving.
By comparing data from last year's Consumer Price Index Wells Fargo calculated that food prices for a home cooked meal have increased by 9.81% since last year while food prices for a meal away from home have increased by 5.79%.
The disparity in price increases means that a meal away from home is comparatively more affordable than in years past.
The increased cost of basic commodities like eggs (+32.5%), butter (+25.8%), and flour (+17.1%), have driven up the cost of an average Thanksgiving basket. Meanwhile, Turkey prices are expected to increase 23% since last year, partially due to the effects of highly pathogenic avian influenza.
Environmental and agricultural factors played a significant role in dictating food costs in American homes this year.
Dry conditions on the East Coast forced cranberry farmers to increase irrigation, which will likely lead to increased prices for fresh cranberries.
Extreme heat in the Northwest also has affected potato crops, with farmers experiencing a lower than average yield for the second year in a row. Meanwhile, a surplus is expected to make sweet potatoes more affordable than many other traditional options.
Meal prices at limited-service restaurants, establishments where you pay before eating, have increased at a much slower rate than grocery prices and the price of a meal at a full-service restaurant, making them the most attractive option for many Americans this Thanksgiving.
