American Farm Bureau Federation says this year's Thanksgiving dinner will cost less than last year.

AFBF this morning released the results of its 31^st annual informal price survey of classic items found on the Thanksgiving menu, which found the average cost of this year's feast for 10 is $49.87, a 24-cent decrease from last year's average of $50.11.

The big ticket item - a 16-pound turkey - came in at a total of $22.74. That's roughly $1.42 per pound, a decrease of 2 cents per pound, or a total of 30 cents per whole turkey, compared to 2015.

which AFBF found the average cost of this year's feast for 10 is $49.87, a 24-cent decrease from last year's average of $50.11. (Photo: etorres69/Thinkstock)

"Consumers will pay less than $5 per person for a classic Thanksgiving dinner this year," AFBF Director of Market Intelligence Dr. John Newton said. "We have seen farm prices for many foods - including turkeys - fall from the higher levels of recent years. This translates into lower retail prices for a number of items as we prepare for Thanksgiving and confirms that U.S. consumers benefit from an abundant, high-quality and affordable food supply."

The AFBF survey shopping list includes turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, pumpkin pie with whipped cream, and coffee and milk, all in quantities sufficient to serve a family of 10 with plenty for leftovers.

Foods showing the largest decreases this year in addition to turkey were pumpkin pie mix, milk and a veggie tray comprised of celery and carrots. A 30-ounce can of pumpkin pie mix was $3.13; a gallon of milk, $3.17; a one-pound veggie tray of celery and carrots, $0.73; and a group of miscellaneous items including coffee and ingredients necessary to prepare the meal (butter, evaporated milk, onions, eggs, sugar and flour), $2.81.

"Due to a significant expansion in global milk production, prices fell to the lowest levels since 2009, leading to lower retail milk and dairy product prices. Additionally, this year's pumpkin prices are slightly lower following the production decline and higher prices seen in 2015," Newton said.

Items that increased modestly in price were a dozen brown-and-serve rolls, $2.46; two nine-inch pie shells, $2.59; one pound of green peas, $1.58; 12 ounces of fresh cranberries, $2.39; a half-pint of whipping cream, $2.00; a 14-ounce package of cubed bread stuffing, $2.67; and a three-pound bag of fresh sweet potatoes, $3.60.

After adjusting for inflation, the cost of a Thanksgiving dinner fell to $20.66 - the lowest level since 2010.

The stable average price reported this year by Farm Bureau for a classic Thanksgiving dinner tracks closely with the government's Consumer Price Index for food eaten at home. The most recent CPI report for food at home showed just over a 2-percent decline over the past year (available online at http://www.bls.gov/news.release/cpi.nr0.htm).

A total of 148 volunteer shoppers checked prices at grocery stores in 40 states for this year's survey. Farm Bureau volunteer shoppers are asked to look for the best possible prices, without taking advantage of special promotional coupons or purchase deals, such as spending $50 and receiving a free turkey.

Shoppers with an eye for bargains in all areas of the country should be able to purchase individual menu items at prices comparable to the Farm Bureau survey averages. Another option for busy families without a lot of time to cook is ready-to-eat Thanksgiving meals for up to 10 people, with all the trimmings, which are available at many supermarkets and take-out restaurants for around $50 to $75.

The AFBF Thanksgiving dinner survey was first conducted in 1986. While Farm Bureau does not make any scientific claims about the data, it is an informal gauge of price trends around the nation. Farm Bureau's survey menu has remained unchanged since 1986 to allow for consistent price comparisons.

Source: AFBF