Thanksgiving Prices Up Slightly

November 20, 2012 Updated Nov 20, 2012 at 8:59 AM EDT

By WKBW News

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November 20, 2012 Updated Nov 20, 2012 at 8:59 AM EDT

Many people splurge on their Thanksgiving meal. While prices are up this year, studies show consumers can handle the slight increase.

The retail cost of menu items for a classic Thanksgiving dinner, including turkey, stuffing, cranberries, pumpkin pie and all the basic trimmings is up less than 1 percent this year. That's according to the American Farm Bureau Federation. This is the 27th year the federation has been tracking prices.

Researchers say the average cost of this year's feast for 10 is $49.48, up just 28-cents from last year. That is just under $5 per person so researchers call the meal a bargain.

The turkey will cost the most. An average 16 pound turkey will cost about $22.

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