Aldi is releasing its lowest-priced Thanksgiving meal deal in five years — and undercutting one of its largest rivals — as inflation-weary consumers shift their shopping habits to more affordable private labels.

The low-priced grocery chain is rolling out an “inflation-busting holiday meal” priced at $47 that feeds 10 people, which comes out to $4.70 per person. That’s about $2 cheaper than a similar offer at Walmart, indicating that Aldi is ready to take on its larger rivals as it expands its store count and market share across the US.

Aldi’s meal includes all the traditional Thanksgiving fixings, including a Butterball turkey, gravy, rolls, macaroni and cheese, stuffing plus ingredients to make cranberry sauce, mashed potatoes, a sweet potato casserole, green bean casserole and pumpkin pie.

“With 25% of US households now shopping Aldi, we know grocery prices are still top of mind for customers,” said CEO Jason Hart in a press release.

The price of food has soared since over the past several years, in part because of the pandemic and later exacerbated by the war in Ukraine, extreme weather and companies taking the opportunity to pad prices.

However, food price inflation has moderated substantially during the past year, Consumer Price Index data shows. As of August, grocery prices were rising at a pace of 0.9% annually, landing in line with the average increase seen in 2019, according to Bureau of Labor Statistics data.

Earlier this year, Aldi announced plans to open 800 new stores nationwide in a $9 billion expansion plan. The German company has a low-cost business model and boasts that its prices are up to 50% cheaper than traditional supermarkets.

At around 12,000 square feet, its stores are much smaller than a typical US supermarket of 40,000 square feet. More than 90% of the brands Aldi sells are its own private labels.

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