Laffer Tengler Investments CEO Nancy Tengler explains why inflation continues to rise amid President Biden’s ‘inflationist’ agenda in The Evening Edit.
Planning to have a barbecue this July 4th? Prepare to spend more money than in years past.
A new analysis released by the American Farm Bureau (AFB) found that a typical Independence Day cookout with all the fixings this year will cost about $71.22 for a group of 10, up 5% year-over-year. last year and a 30% increase compared to 2019. It marks the most expensive level on record and is the first time prices have exceeded $7 per person.
Driving the growth are a number of barbecue staples, including beef, pork chops, hamburger buns, cheese slices, strawberries, chips, ice cream and lemonade.
HIGH INFLATION IS CHANGING THE WAY AMERICANS GET WORK
“Your grocery bill may be a shock, but it’s in line with the inflation that has rocked the economy — including the farm economy — over the past several years,” the report said.
A family hosts a barbecue in their backyard. (iStock / iStock)
Meat is the most expensive line item for a barbecue. This year, 2 pounds of beef will cost an average of $12.77, up $1, or 11%, from a year ago. The increase in beef prices is likely because the US cattle inventory is the smallest it has been in 73 years, and beef in cold storage is setting record levels for the past few years.
Pork chop prices are also up, climbing about 8% nationally to an average of $15.49.
However, Americans can expect to pay less for chicken than a year ago. The average cost of 2 pounds of chicken breast is about $7.83, a decrease of 4% from 2023 and more than 13% less than the record level in 2022. More poultry farmers implemented biosecurity measures to stop the spread of influenza birds and help their flocks recover. Farmers have also increased hatching and poultry weights to offset losses and “keep prices affordable,” AFB said.
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However, inflation has hit many other items you might expect to find in a cookout.
The cost of homemade lemonade — made using 1 pound of sugar and 1.5 pounds of lemons — is about $4.19 total, a 12% increase from last year.
Pork and beans, chips, chocolate chip cookies and strawberries are also more expensive than last year, though not at record levels.
A shopper scans coupons at a grocery store in Washington, DC, Thursday, May 23, 2024. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
“Increases in the cost of our cookware reflect a number of broader economic factors,” the report said. “Overall inflation has been very damaging to the entire economy, leaving behind many whose incomes have not kept pace.”
While inflation has fallen sharply from a peak of 9.1% in June 2022, it remains well above the Federal Reserve’s 2% target. In addition, inflation has increased by 19.4% compared to January 2021, just before the start of the inflation crisis.
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High inflation has created severe financial pressures for most American families, who are forced to pay more for daily necessities such as food and rent. Food prices have risen more than 21% since the start of 2021, while shelter costs have risen 18.37%, according to FOX Business calculations. Meanwhile, energy prices have increased by 38.4%.
Price hikes are especially devastating for lower-income Americans because they tend to spend more of their already stretched paychecks on necessities and have less flexibility to save money.