Good news for your wallet this Thanksgiving: the classic holiday feast is getting cheaper. According to the American Farm Bureau Federation's annual survey, feeding 10 people the traditional spread will run you $55.18 this year, or about $5.52 per person. That's down from $58.08 last year, continuing a three-year streak of declining costs.

The survey relied on volunteers who shopped at stores across every state and Puerto Rico, pricing out the Thanksgiving essentials: turkey, stuffing, sweet potatoes, rolls, peas, cranberries, a veggie tray, and pumpkin pie with whipped cream.

Where you shop matters quite a bit. Regional prices vary considerably, with the South offering the best deal at $50.01 for the full spread. The Northeast comes in at $60.82, the Midwest at $54.38, and the West tops out at $61.75.

The Fine Print on Those Savings

Before you celebrate too much, there are a few important caveats. The Farm Bureau's numbers are based on frozen turkeys. If you're planning to serve a fresh bird, prepare for sticker shock: fresh turkeys are running 40% more expensive than last year. The culprit? A disease outbreak among US turkeys combined with supply and demand pressures, according to the Farm Bureau.

And while the overall trend is down, not everything at your Thanksgiving table is getting cheaper. Frozen peas jumped 17.2% in price, and whole milk climbed 16.3% year over year. The survey also makes some interesting assumptions about your cooking ambitions. It presumes you'll whip heavy cream by hand rather than buying the pre-made stuff, and that you'll use frozen pie shells with pre-made pumpkin pie mix.

Turkey Loses Its Crown

Here's something that might surprise you: turkey is no longer the most expensive part of your Thanksgiving dinner. A 16-pound turkey now accounts for just 39% of the total cost for a 10-person meal, the lowest share since 2000. These days, you're spending more on vegetables and sides than on the star of the show.

So why are produce and sides getting pricier while turkey costs decline? The Farm Bureau points to rising costs for fertilizer and fuel, natural disasters disrupting supply chains, labor shortages, and ongoing trade disputes. These factors have squeezed farmers hard enough that 15,000 farms across the country shut down in the past year.

American Farm Bureau Federation President Zippy Duvall emphasized the broader implications in a statement: "Every farm lost is another step toward consolidation and reliance on other countries for our food. We urge Congress to address the challenging economic conditions facing farmers to ensure farm families can continue growing the food we all rely on, not just on Thanksgiving, but every day of the year."

So yes, your Thanksgiving dinner is cheaper this year. But the story behind those savings is more complicated than a simple win for your budget.