Inflation Leaves Americans Paying Record Amount Just to Secure Food for July 4 Cookouts
Individual spending on Fourth of July food items has risen to $93.34 on average across the U.S., the highest the National Retail Federation has recorded since it began collecting this information in 2003.
The cost of one person’s July Fourth food rose about 10 percent over the past year from $84.12, according to NRF. Inflation remained twice as high as the Federal Reserve’s target in May, according to a Labor Statistics report, and the price of energy and food increased 4 percent on an annual basis last month.
Inflation hit 9.1 percent in June 2022, its highest point since 1982, according to the BLS.
From 2014 to 2020 the cost of Independence Day food for one person rose from $68.16 to $76.49, and the rate of cost increase picked up considerably after President Joe Biden took office in 2021.
Planning a cookout this year? Ketchup on the news. According to the Farm Bureau, the cost of a 4th of July BBQ is down from last year. It’s a fact you must-hear(d). Hot dog, the Biden economic plan is working. And that’s something we can all relish. pic.twitter.com/7h9qLauIbC
— The White House (@WhiteHouse) July 1, 2021
Much of the cost increase can be attributed to cookout purchases and spending on fireworks and other celebrations, according to NRF. About 87 percent of Americans will be celebrating this year, up slightly from 84 percent over the past two years.
Beer prices have jumped 8 percent over the past year, while chips are up 15 percent, bread is up 22 percent and ground beef is up 1 percent, according to a recent Wells Fargo Agri-Food Institute report.
In total, Americans are projected to spend $9.5 billion on Fourth of July food items, NRF found.
NRF surveyed 8,225 consumers between June 1 – June 7, and the survey has a margin of error of 1.1 percentage points.
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