The Cost of Thanksgiving

MINNEAPOLIS (AP) — Bird flu took a bite out of the turkey supply. Heavy rain washed out the pumpkin crop.

But Thanksgiving groceries likely won't cost Americans much more than last year, and nobody should have to miss gobbling down their favorite holiday foods.

The holiday season always generates stories about some items being in short supply or dramatically pricier. But markets have a way of balancing themselves out, particularly around this meal.

So even though bird flu wiped out 8 million turkeys — driving production down and wholesale prices up — you're in no danger missing out. These birds don't play by the usual rules of supply and demand.

According to Richard Volpe, a former government food price economist, it's because one of the most effective things grocers can do to lure holiday shoppers is offer cheap turkeys, even selling them at a loss.