2014 Thanksgiving costs: Turkey prices up, gasoline down

Wholesale prices of turkeys are expected to be 8 percent to 10 percent higher than last year, said Corinne Alexander, an agricultural economist who tracks trends in food prices.

The U.S. Department of Agriculture predicts wholesale prices for Eastern market whole turkey will be between $1.12 and $1.16 per pound this year, compared with $1.05 per pound last year.

Food inflation in the United States has in the recent past averaged about 2.5 percent, but in 2013, retail food prices were only 1 percent higher than the previous year. This holiday season, turkey prices are driven by higher feed costs following the 2012 drought, Alexander said.

Actual price paid will vary according to brand, whether a shopper chooses a whole turkey or parts, and fresh versus frozen birds. Store specials also will play a role, she said.