The Christmas Dinner Index: Your Christmas dinner will cost one per cent less this year as mince pie prices fall

Emma Haslett
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Demand Increases For Organic Turkey During Festive Season
Turkey prices are up - but mince pies are down (Source: Getty)

Some festive news from RBS analyst Richard Ramsey, who has pointed out that the economics elves at Mintec have been hard at work figuring out how much the good people of Britain will shell out for their supper on Christmas day - and it turns out the price has fallen.

The Christmas Dinner Index, which takes into account the costs of all the ingredients for Christmas dinner, has fallen one per cent.

That's despite the fact the cost of turkey has risen one per cent in the past 12 months.

Meanwhile, mince pies have fallen one per cent (it's detailed stuff: pastry is down, dried fruit is up, sugar is at a record low); alcohol is at a three-year low, having fallen three per cent in 2015, and Christmas cracker costs have "fallen significantly", by 11 per cent. Ramsey pointed out that this "might bring more of a smile to revellers' faces than the jokes inside".

And with gas down six per cent and home heating oil down a third, that 3pm slumber in front of the telly may be sounder. Even driving home for Christmas is cheaper: petrol prices are down 13 per cent on last year.

Those going abroad for the festive period may have a better time than they would have last year, too: "Those people heading for the ski slopes may discover that their pound goes much further than in previous years," said Ramsey

"Regular skiers in the Eurozone will notice that the pound buys more euros this festive season than at any time since 2006.

"The same is not true for those heading for the pistes in the US. The strong dollar will crimp their spending power. Conversely, the weak Canadian dollar offers those cost conscious individuals seeking a North American skiing experience better value for money. Sterling is at a seven-year high against the Loonie."

Either way, whether you're at home or abroad: Merry Christmas.

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