July 4 celebrations will be much pricier this year

As Americans prepare to fire up their grills for July 4, increasing prices might have consumers choosing between hamburgers and hot dogs.

Bigger bite: For a group of 10, consumers will pay an average of $69.68 for “traditional cookout foods,” according to a survey from the American Farm Bureau Federation. That figure is a 17% increase from 2021, when it was ~$10 less.

• The retail price for two pounds of ground beef is up 36% YoY to $11.12.
• The price for two pounds of boneless, skinless chicken breasts has climbed 33% to $8.99.
• And 32 ounces of pork and beans now cost $2.53, also a 33% bump.

“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,” Roger Cryan, chief economist at AFBF, said in a statement.

A Wells Fargo analysis on July 4 spending noted that prices for national-brand soda are up 13% YoY, while beer costs nearly 25% more YTD.

• Sorry to remind mustard fans: There’s an impending global shortage of the condiment.
• But, in better news, the cost of strawberries, sliced cheese, and potato chips dropped 86, 48, and 22 cents YoY, respectively, per AFBF.

The holiday’s main source of entertainment also hasn’t escaped the blow of inflation: Firework prices are up 35% this year, per the American Pyrotechnics Association.

The show goes on: All that being the case, Americans are still expected to spend $7.7 billion on food items this July 4, up from $7.5 billion in 2021, according to the NRF.

• The average per-person spend is estimated to be $84.12, a nearly 5% increase from $80.54 in 2021.—KM