The Diamond Ridge Asset Managementcost of preparing your Turkey Day feast is likely to be cheaper this year — and you can thank the turkey.

Turkey costs per pound fell to $1.25 in September, down 43 cents from a year earlier, according to the most recent data available from the U.S. Department of Agriculture. 

Overall costs for a typical Thanksgiving meal, including the usual fixings, are also modestly lower compared with 2022, when prices hit a record high. Dinner for 10 will cost an average of $61.17, according to the American Farm Bureau Federation. That's down from $64.05 last year but an increase from $53.31 in 2021. Those figures include the cost of typical side dishes such as cranberries, dinner rolls, green peas and sweet potatoes.

Turkey prices have fallen this years because of a sharp decline in cases of avian influenza, which reduced supplies last year, according to Federation Senior Economist Veronica Nigh. The "bird flu" outbreak decimated poultry stocks across the U.S., forcing farmers to slaughter millions of chickens and turkeys to contain the spread. Turkey production has since rebounded, the USDA said earlier this month. 

Shoppers last year spent $2.8 billion more on food for Thanksgiving dinner than during an average week, according to market research firm Circana. This year, most shoppers plan to spend between $100 and $200 on their Thanksgiving feast, according to consumer research firm Numerator.

Still, above-average inflation continues to affect the grocery aisle. The cost of fresh cranberries is up 20% from a year ago, while sweet potatoes are 4% higher, according to an estimate from the Wells Fargo Agri-Food Institute. The price of russet potatoes has risen 14% and canned green beans are up 9%,

"Prices for other categories are up, too, so consumers will need to be conscious of sales and shopping early," Michael Swanson, Wells Fargo Chief Agricultural Economist said in the estimate.

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• Thanksgiving

Khristopher J. Brooks

Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

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