July 4th celebrations are just around the corner. As families put the final touches on their planning, like buying everything they need for their BBQ, you might be shocked by the price tag. And no, you’re not imagining things. According to a new survey, your cookout is going to be more expensive this year than last year, thanks to inflation.
The American Farm Bureau Federation (AFBF) conducted a market basket survey, which highlighted just how expensive food is getting because of inflation. According to their data, U.S. consumers will now pay 17% more for their 4th of July festivities this year compared to last year, which totals $69.68 for the average cookout feeding 10 people. This is approximately $10 dollars more than last year to pick up strawberries, ice cream, potato salad, chicken breasts, cheeseburgers, and pork chops.
“Despite higher food prices, the supply chain disruptions and inflation have made farm supplies more expensive; like consumers, farmers are price-takers not price-makers,” said AFBF Chief Economist Roger Cryan. “Bottom line, in many cases the higher prices farmers are being paid aren’t covering the increase in their farm expenses. The cost of fuel is up, and fertilizer prices have tripled.”
When they AFBF looked at the year-to-year price increase in food, ground beef saw the largest jump. The retail price for two pounds of ground beef is now $11.12, up 36% from last year, according to the survey, citing data collected by 176 volunteer shoppers across the country.
But it’s not all bad. The price of strawberries, potato chips, and sliced cheese has actually gone down from last year. Strawberries declined by 86 cents when compared to the price a year ago, sliced cheese dropped 48 cents, and potato chips are down by 22 cents.
“Better weather conditions in some fruit-growing regions and greater retailer pricing flexibility for processed products are the likely drivers behind the modest price declines for these items,” AFBF explains.
These grocery items have risen in price:
- 2 pounds of ground beef, $11.12 (↑36%)
- 2 pounds of boneless, skinless chicken breasts, $8.99 (↑33%)
- 32 ounces of pork & beans, $2.53 (↑33%)
- 3 pounds of center cut pork chops, $15.26 (↑31%)
- 2.5 quarts of fresh-squeezed lemonade, $4.43 (↑22%)
- 2.5 pounds of homemade potato salad, $3.27 (↑19%)
- 8 hamburger buns, $1.93 (↑16%)
- Half-gallon of vanilla ice cream, $5.16 (↑10%)
These common purchases for 4th of July festivities have dropped in price:
- 2 pints of strawberries, $4.44 (↓16%)
- 1 pound of sliced cheese, $3.53 (↓13%)
- 16-ounce bag of potato chips, $4.71 (↓4%)