Independence Day Inflation: Cost of 4th of July Cookout Up 30% From 5 Years Ago
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| Credit: American Farm Bureau |
As Americans prepare to celebrate the Fourth of July 2024 with fireworks, food, and parades, many will notice a spike in their cookout bills. That's because this year’s American Farm Bureau Fourth of July market basket survey reveals a record high increase in the cost of traditional cookout items.
The survey, which included contributions from volunteers nationwide, gathered prices for a typical cookout menu: cheeseburgers, chicken breasts, pork chops, potato chips, pork and beans, fresh strawberries, homemade potato salad, fresh-squeezed lemonade, chocolate chip cookies, and ice cream. This year, feeding a group of 10 will cost an average of $71.22, marking a 5% increase from last year and a substantial 30% rise from five years ago. For the first time, the cost per person exceeds $7, averaging $7.12.
Grilling Costs on the Rise
Meat prices are particularly impacting the overall cost, with ground beef, pork chops, and chicken breasts accounting for half of the total expenditure. Ground beef now costs $12.77 for 2 pounds, an 11% increase from last year. Despite a higher supply of fed cattle this spring, the overall cattle inventory remains at a 73-year low, contributing to the price hike. Reduced cattle placements on feed and diminishing beef supplies in cold storage have also played a role.
Pork prices have also surged, influenced by California's Proposition 12, which enforces animal welfare standards for meat sold in the state. Consequently, pork chops have risen by 8%, reaching $15.49 nationally and $19.91 in California.
In contrast, chicken breast prices have decreased by 4% from last year, costing $7.83 for 2 pounds. Increased broiler production and improved biosecurity measures against avian influenza have helped stabilize poultry prices.
Price Changes in Side Dishes
Side dishes have seen varying price changes. Hamburger buns are up by 7%, costing $2.41 per package, influenced by low wheat stocks. Ice cream prices have risen by 7% to $5.65 for a half-gallon, and lemonade costs have jumped by 12% due to a citrus disease affecting lemon production in California.
However, potato salad offers a reprieve with a 4% price drop, thanks to lower potato prices. Two pounds of potatoes now cost $1.53, a 17% decrease from last year. Egg prices, although lower than their peak in 2022, remain above historical averages due to ongoing avian influenza impacts.
Other items such as pork and beans, chocolate chip cookies, strawberries, and potato chips have also experienced price increases. Notably, two pints of strawberries now cost $4.61, and a large bag of chips costs $4.90, up by 8% from last year.
Independence Day Inflation
Inflation and rising supply costs have significantly impacted the entire food supply chain, from farmers to consumers. While food prices have risen, farm incomes have declined, dropping 17% in 2023 and projected to decrease another 25% this year. High production expenses, interest rates, and weather uncertainties continue to challenge farmers, underscoring the complex dynamics behind rising food costs.
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