Fourth of July Cookout Prices Rise Amid Historic Inflation

What’s the story?

• Inflation is at the highest level in 40 years and the rising prices are being reflected in a 17% spike in the price of a Fourth of July cookout, according to the American Farm Bureau Federation’s market basket survey. That’s a bigger increase than the 14% rise in prices that was reflected in the group’s Thanksgiving survey last November. 
• The Bureau of Labor Statistics found that inflation was up 8.6% over a 12-month period as of May, the highest level since December 1981, but some food products have seen larger increases beyond the inflationary pressures due to supply chain disruptions and the impact of Russia’s war against Ukraine on agricultural markets, particularly fertilizer and grain.
• The Farm Bureau’s market basket survey of Fourth of July food includes a number of popular food items in quantities intended to feed 10 at a summer barbeque. The average cost of market basket is up about $10, or 17%, over the last year to $69.68. Prices decreased for only three of the items in the 12 product basket. Here’s a look at the price changes for each product in the AFB’s market basket survey:
• Burgers: 2 pounds of ground beef, $11.12 (+36%)
• Chicken: 2 pounds of boneless, skinless chicken breasts, $8.99 (+33%)
• BBQ Beans: 32 ounces of pork and beans, $2.53 (+33%)
• Pork Chops: 3 pounds of center cut pork chops, $15.26 (+31%)
• Lemonade: 2.5 quarts of fresh-squeezed lemonade, $4.43 (+22%)
• Potato Salad: ingredients for 2.5 pounds of homemade potato salad, $3.27 (+19%)
• Buns: 8 hamburger buns, $1.93 (+16%)
• Ice Cream: Half-gallon of vanilla ice cream, $5.16 (+10%)
• Cookies: 13-ounce bag of chocolate chip cookies, $4.31 (+7%)
• Chips: 16-ounce bag of potato chips, $4.71 (-4%)
• Cheese: 1 pound of sliced cheese, $3.53 (-13%)
• Strawberries: 2 pints of strawberries, $4.44 (-16%)

— Eric Revell

(Photo Credit: iStock.com / bhofack2)