Hot dogs and hamburgers will cost you more this July Fourth – Washington Examiner
Hot dogs and hamburgers will cost you more this July Fourth
This Fourth of July, Americans’ cookouts will be more expensive than ever before as everybody gathers for fireworks, food, and parades with friends and family.
Despite a significant decline from its peak of 9.1% in June 2022, inflation still exceeds the Federal Reserve’s 2% target, standing at 3.27% as of May. High inflation has put significant financial strain on most U.S. households, with grocery prices rising over 21% since 2021.
According to the National Retail Federation (NPR), American households are projected to spend a total of $9.4 billion on food for July 4 celebrations this year, averaging $90.42 per household on food items.
However, 60% of Americans are planning to spend less money than they did last year, with 3 in 5 stating that inflation is impacting their holiday plans, according to a WalletHub survey.
Each Fourth of July, Americans consume 150 million hot dogs and spend $4 billion on beer and wine.
In mid-June, supermarket inflation showed a significant decrease compared to the same period last year, with the Consumer Price Index (CPI) for food at home rising only 1%, down from nearly 6% a year ago.
However, cookout expenses this year are still expected to reach a record-high, with beer up 3.1%, beef up 5.7%, soda up 2.3%, and frankfurters up 7.3%.
According to the American Farm Bureau survey, the average cost for a group of 10 to host a cookout this year is $71.22, marking a 5% increase from last year and a 30% increase from five years ago, pushing the national cost to over $7 per person for the first time.
Meat, including ground beef, pork chops, and chicken breast, makes up half of the total cookout expenses, with ground beef averaging $12.77 for 2 pounds – an 11% increase from last year.
Pork chops have risen 8% nationally to $15.49.
One package of hamburger buns costs $2.41, a 7% increase from 2023, while a half-gallon of ice cream adds $5.65 to the grocery bill, also up 7% from last year.
Lemonade on the Fourth of July table costs $4.19 in total, marking a 12% increase from last year.
Depending on geography, the cost of cookout goods can vary.
For example, those in the Northeast will spend as little as $63.54 for a group of 10 people, while Southerners will spend an average of $68.33 and Midwesterners $68.26.
In the West, cookout expenses for a party of 10 will be nearly $1 per person higher than the national average, totaling $80.88.
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On the other hand, restaurants saw an increase as the mid-June CPI for food away from home rose by 4%, driven partly by rising labor costs.
For instance, a quarter-pound hamburger with cheese, tomato, and lettuce costs $2.16 to make at home, making it cheaper than the average restaurant price of $6.95 for the same size burger this holiday, according to a report.
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