This year, the price of independence may have just gotten a little higher.
As Americans prepare to fire up their grills and celebrate July 4, U.S. Farm Bureau data reveal that costs of the quintessential summer barbecue will be 5% more expensive compared to a year ago. If you are planning to host a backyard barbecue party with 10 people be prepared to spend $71.22 – compared to $67.73 in 2023.
The Farm Bureau’s recent market basket survey shows that some food prices are going down while others are climbing. For instance, the retail price for 2 pounds of ground beef rose 11% to $12.77 from a year ago; on the other hand, chicken dropped 4% to $7.83 for 2 pounds.
A report from international bank Rabobank reiterates confirms this information, adding another layer to the story. It forecast that this year, the average expense of a cookout for 10 – typically including hamburgers, steaks, hot dogs, and corn on the cob – would cost just north of $99 including drinks, up from $97 last year, with beverages and beef topping the list of pricey items.
There is, however, cause for optimism: the average annual growth in food costs in the United States for 2024 is only expected to be around 2%, which is less than the typical increase of 3% over prior years. “Yes, food prices are increasing, but they’re not increasing as much as they have in recent years, and they’re even a little below the long-run average,” Andrew Stevens, an economics professor at the University of Wisconsin-Madison, told Reuters.
Last year, Americans were somewhat relieved when the price of the Fourth of July dinner dropped in 2023 compared to the year before, but in 2024 the situation has reversed. With just over four months to go before the November election, inflation remains a red-hot topic in spite of an overall U.S. consumer price index decline. According to a recent survey, 43% of respondents believe that former President Donald Trump would have managed the economy far better than President Joe Biden, while 37% believe the opposite.
