When you’re gathered around the Thanksgiving table this year, take a moment to think about how much that delicious feast really costs. Sure, it took someone hours to prepare, but your family also spent a good chunk of change to make it all happen!

Money-smart kids might notice that Thanksgiving dinners seem to get more expensive every year. It’s not just because you’re piling on extra slices of pie (though that might be part of it!). The main reason is something called inflation.

So, what exactly is inflation, and how does it affect your turkey, mashed potatoes, and pumpkin pie? Inflation happens when the prices of things like food, clothes, and toys rise over time. This means the same amount of money buys less than it did before. For example, if last year you could buy two apples for $1, this year you might only be able to get one apple. That’s inflation at work!

Thanksgiving meal prices have been affected by inflation, too. Years ago, your parents or grandparents could throw a big Thanksgiving dinner for a lot less money than it costs today. Inflation makes it more expensive for farmers and ranchers to produce the ingredients for your meal, so they have to charge more, which means families pay more to put all those tasty dishes on the table.

Let’s take a look at how inflation has changed Thanksgiving dinner prices over the years. In 1960, a meal for 10 people cost just over $12. By 1989, that meal was around $25. Fast forward to 2019, and the price was about $49. But this year, in 2024, the same meal will cost over $60! Inflation really picked up between 2019 and 2024, with Thanksgiving dinners costing over 22% more in just five years.

So, the next time you’re digging into your Thanksgiving dinner, remember that your turkey, stuffing, and pie are a little pricier each year because of inflation—just one more reason to be extra thankful for every bite!