This weekend, as we gather to celebrate the birth of our great nation, we’re not just feeling the heat from the grill but from our wallets too. Americans are paying a record-high cost to host their July 4th cookouts this year, as inflation, much like the weather, continues to soar.

According to the American Farm Bureau Federation, a traditional Independence Day barbecue for 10 will now set you back a staggering $71.22, up from $59.50 in 2021. The prices for burger meat, buns, cheese, and your favorite sides like chips have all spiked, leaving many to question the affordability of this beloved tradition.

Economists Bernt Nelson and Samantha Ayoub from the AFBF paint a grim picture: “Nationally, this means we are surpassing $7 per person for the first time, with the total meal coming to $7.12 a person. Your grocery bill may be a shock, but it is in line with the inflation that has roiled the economy – including the farm economy – over the last several years.”

The market basket survey by AFBF, enlisting volunteers nationwide, highlights the distressing reality. Prices for essentials like cheeseburgers, chicken breasts, pork chops, potato chips, homemade potato salad, fresh-squeezed lemonade, chocolate chip cookies, and ice cream have all seen significant hikes.

Meat, the centerpiece of any barbecue, is where you’ll feel the pinch the most. Two pounds of ground beef now average $12.77, up from $8.20 just three years ago, driven by the smallest cattle inventory in 73 years and record-low beef in cold storage. Pork chops haven’t been spared either, with a national increase of 8% from last year, costing $15.49 on average, and a whopping $19.91 in California due to stringent animal welfare standards.

Although there’s a slight respite in chicken prices, down 4% since last year, other staples continue to climb. Burger buns now cost $2.41, up 7% year-over-year, and lemonade has shot up 12%, impacted by higher prices for lemons and sugar.

Even side dishes and desserts aren’t immune. Chips are up 8%, and a half-gallon of ice cream costs 7% more than last year. While potato salad prices have fallen slightly, the overall cost of hosting a cookout is higher than ever.

As Federal Reserve Chairman Jerome Powell notes, the economy may be showing signs of cooling, but inflation remains a persistent issue. The latest data offers some hope, but it’s clear that the journey back to financial stability is far from over. This July 4th, as we celebrate our independence, we are reminded that economic freedom comes at a price – and this year, it’s a steep one.

Prepare your wallets, and let’s hope for a cooler financial climate ahead.

Source: https://www.foxbusiness.com/economy/how-started-how-its-going-july-4-bbq-costs-flare-up-under-biden

And with that we wish you a very Happy 4th of July!