According to Interactive Investor’s Christmas Dinner Inflation Tracker, the cost of a Christmas dinner for a family of four is set to rise faster than the rate of inflation this year.
The average price of a turkey meal with all the trimmings – plus a few extras – that feeds a family of four has risen by 2.8% from £89.05 in 2023 to £91.54 this festive season.
The study found that price drops in festive sweet treats are being offset by increases in the cost of turkey and cheese.
The cost of a vegetarian/vegan nut roast option has also increased by 1.72% compared to last year, rising from £51.75 in 2023 to £52.13.
These inflation figures are close to the broader food and non-alcoholic drink inflation rate tracked by the Office for National Statistics (ONS), which rose to 1.9% in October, up from 1.3% in September. The headline Consumer Prices Index (CPI) inflation rate rose to 2.3% in October, up from 1.7% in September.
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The 2024 Christmas dinner inflation figures are down from increases of 11% for both the turkey and vegetarian meals in 2023.
Since Interactive Investor began tracking the cost of Christmas dinner in 2021, when inflation started to rise significantly, the cost of a turkey dinner has increased by 32%, and the vegetarian/vegan nut roast option has gone up by 33%.
The investment platform’s Christmas dinner inflation shopping basket comprises 16 typical Christmas dinner ingredients based on the Christmas shopping habits of the Interactive Investor team.
The shopping basket includes some Tesco Finest options and other Christmas treats like goose fat, but also some more basic components.
Myron Jobson, senior personal finance analyst at Interactive Investor, said: “With inflation down from the painful highs of yesteryear, the spiralling cost of Christmas dinner is finally getting carved down to size.
“For many Britons, the rise in wages will more than offset the increase in the cost of Christmas dinner, with wages rising by an average of 4.9% in the three months to August. However, there’s no such thing as an ‘average’ person. Some may have benefitted from a larger pay rise, while others have not been so fortunate.
“While we are seeing some relief from higher costs due to cooling food inflation, this doesn’t mean prices are falling. A slowing or falling inflation rate means prices are still rising, but at a slower pace than before.
“The rising cost of Christmas dinner could strain the budgets of those who haven’t received a pay increase, making it harder to enjoy festive traditions without financial stress.”
What’s gone up most in price?
Interactive Investor’s analysis found that the price of a free-range turkey has risen by 5%, or £2, compared to 2023. The cost of its nut roast option for vegetarians and vegans increased by 4% (50p) for two nut roasts (enough to feed a family).
The price of cheese has also risen, with the team’s choices of Gruyère and brie up 14% and 11%, respectively, while After Eight mints had increased by 17%.
However, the price of 10 of the 16 Christmas dinner items tracked remained unchanged from last year or were cheaper. Notably, the cost of mince pies was down by 20% (50p) to £2, while Christmas pudding was 11% (50p) cheaper.
When it comes to vegetables, the prices of both parsnips and carrots have gone up by 15p, while Maris Piper potatoes were 6p cheaper and Brussels sprouts remain unchanged.
Myron Jobson said: “The cost of Christmas dinner can vary widely based on individual preferences and traditions, making it crucial to understand the nuances of your spending habits and budget, especially during the festive season.
“Many people won’t want to scrimp on the big festive meal, but it is important to live within your means to avoid a post-Christmas debt hangover.”
