Expert shares five tips to save on Christmas dinner – as price of mince pies falls by 50p

Price drops in festive sweet treats were offset by increases in the cost of turkey and cheese, according to an Interactive Investor’s Christmas dinner inflation tracker.

The average price of a turkey meal with all the trimmings plus a few extras, that feeds a family of four, rose 2.8% from £89.05 in 2023 to £91.54 this year.

Being vegetarian or vegan will also set shoppers back with the price of nut roast option increasing by 1.72%, from £51.75 in 2023 to £52.13.

The price rises for 16 items in the Interactive Investor’s 2024 Christmas dinner shopping basket were down from last year’s whopping increases of 11% for both the turkey and vegetarian meals.

The rises also mimic the general food and non-alcoholic drink inflation rate tracked by the Office for National Statistics, which rose to 1.9% in October, up from 1.3% in September.

Headline CPI inflation rate rose to 2.3% in October, up from 1.7% in September.

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%.

Interactive Investor’s analysis found that the price of a free-range turkey rose by 5%, or £2, while the cost of our nut roast option for vegetarians and vegans increased by 4% or 50p for two nut roasts.

The price of cheese has also risen, with gruyere and brie up 14% and 11%, respectively, while ‘guilty pleasure pick’, After Eight mints, increased by 17%.

However, not every item was more expensive and the price of 10 of the 16 Christmas dinner remained unchanged from last year or is cheaper.

The cost of mince pies was down by 20 %, or 50p, to £2, while Christmas pudding is 11%, or 50p, cheaper.

When it comes to vegetables, the prices of parsnips and carrots have each gone up by 15p, while the cost of Maris Piper potatoes is 6p cheaper, and Brussels sprouts remain unchanged.

Interactive Investor’s Christmas dinner plate includes 16 typical Christmas dinner ingredients and includes a few guilty pleasures and Christmas luxury items to feed a family of four.

It includes some ‘Tesco finest’ and other Christmas treats like goose fat as well as basics.

Myron Jobson, senior personal finance analyst, Interactive Investor, says: “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 per cent in the three months to August. However, there’s no such thing as an ‘average’ person. Some may have benefited 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.”

He added: “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.”

Myron’s tips to save on the cost of Christmas dinner

1. Plan your menu

“Make a shopping list to avoid impulse purchases and set a budget. Plan portion sizes to helps save on costs and minimise leftovers – or plan for using them in future meals. It is worth checking your pantry and fridge for any ingredients you already have to avoid doubling up on stuff you already own.”

2. Save on cost of vegetables with deep discounts closer to Christmas Day

“In recent years, supermarkets have engaged in a price war over Christmas vegetables in the days leading up to Christmas. They have applied heavy discounts on vegetables like potatoes, parsnips, and carrots.

“These discounts are “loss leaders” designed to attract customers to the store, with the hope that they’ll purchase other high-margin items. They also help clear out perishable stock before it spoils.”

3. Make use of loyalty schemes

“Shoppers can take advantage of loyalty schemes to save on the cost of Christmas dinner by accumulating points on everyday purchases, which can then be redeemed for discounts. Many supermarkets offer exclusive deals and seasonal promotions to loyalty scheme members, providing additional savings.”

4. Consider value ranges

“Major supermarkets typically offer both ‘value’ and ‘premium’ ranges. Choosing value ranges can save a significant amount on your final bill.”

5. Consider alternative ingredients

“Explore using other proteins and ingredients not traditional present in a Christmas meal as they can be cost-effective. There’s often a premium on quintessential Christmas proteins, like turkey, but other products, like chicken, can work out much cheaper per portion.”

Family turkey meal	Store	Size	2021	2022	2023	2024	% change from 2023 to 2024
Tesco Finest British Free Range Bronze Whole Turkey	Tesco	4kg	£32	£36	£40	£42	5%
Pigs in blankets 10 pack x 2	Ocado	210g	£7	£8.60	£8.80	£8.80	0%
Maris Piper	Tesco	2.5kg	£1.15	£1.49	£2.50	£2.24	-10%
Goose fat	Tesco	220g	£2	£2.85	£3	£3	0%
Sprouts	Tesco	500g	38p	95p	£1	£1	0%
Organic carrots	Tesco	700g	£1	£1.15	£1.10	£1.25	14%
Parsnips	Tesco	500g	19p	62p	60p	75p	25%
Christmas pudding	Iceland (luxury)	400g	£4	£4	£4.50	£4	-11%
Double cream	Tesco	600ml	£2	£2.25	£2.30	£2.30	0%
Free from chocolate sponge	Tesco	115g	£1.20	£1.25	£1.25	£1.25	0%
Finest merlot	Tesco	75cl	£8	£8	£8.50	£8.50	0%
Shloer	Tesco	750ml	£1.10	£1.20	£2.60	£2.60	0%
After eight mints	Tesco	300g	£1.50	£2.50	£3	£3.50	17%
Mince pies	Asda	4 pack	£1.95	£2.50	£2.50	£2	-20%
Finest brie	Tesco	170g	£2.75	£3.25	£3.60	£4	11%
Finest gruyere	Tesco	195g	£3	£3.50	£3.80	£4.35	14%
Total			£69.22	£80.11	£89.05	£91.54	2.80%

 

Family vegetarian/vegan meal	Store	Size	2021	2022	2023	2024	% change from 2023 to 2024
Nut roast x 2	Sainsbury’s	0.5kg	£11	£14	£14	£14.50	4%
Maris Piper	Tesco	2.5kg	£1.15	£1.49	£2.50	£2.24	-10%
Sprouts	Tesco	500g	38p	95p	£1	89p	-11%
Organic carrots	Tesco	700g	£1	£1.15	£1.10	£1.25	14%
Parsnips	Tesco	500g	19p	62p	60p	75p	25%
Christmas pudding	Iceland (luxury)	400g	£4	£4	£4.5	£4	-11%
Double cream	Tesco	600ml	£2	£2.25	£2.30	£2.30	0%
Free from chocolate sponge	Tesco	115g	£1.20	£1.25	£1.25	£1.25	0%
Finest merlot	Tesco	75cl	£8	£8	£8.50	£8.50	0%
Shloer	Tesco	750ml	£1.10	£1.20	£2.60	£2.60	0%
After eight mints	Tesco	300g	£1.50	£2.50	£3	£3.50	17%
Mince pies	Asda	4 pack	£1.95	£2.50	£2.50	£2	-20%
Finest brie	Tesco	170g	£2.75	£3.25	£3.60	£4	11%
Finest gruyere	Tesco	195g	£3	£3.50	£3.80	£4.35	14%
Total			£39.22	£46.66	£51.25	£52.13	1.72%