Fourth of July barbecue staples feel sting of inflation
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Higher food prices are taking a bite out of Independence Day barbecue budgets and summer grilling season.
Why it matters: Cookout staples are up 5% from last year but up a whopping 30% from five years ago, according to the American Farm Bureau's annual survey.
- The average cost of a summer cookout for 10 people this year reached a record high at $71.22, the survey found, which is up from the last record of $69.68 in 2022.
By the numbers: Numerator's Independence Day report found that 73% of consumers surveyed had plans to celebrate the holiday and 83% planned to buy food for it.
- The data and tech company's survey of 5,577 consumers found 58% would gather with friends and family, 56% would grill or barbecue and 31% planned to attend a public celebration.
- The National Retail Federation estimates total spending for the holiday will be $9.4 billion, a decline from last year's record $9.5 billion.
Between the lines: Grocery prices vary by where you live and the tab is $1 per person higher than the national average for the Western U.S. at $80.88 for a party of 10, according to the Farm Bureau's report.
- The Northeast has the lowest average price at $63.54 while the average is $68.26 in the Midwest and $68.33 in the South, per the Farm Bureau.
Zoom in: An Independence Day basket of 13 barbecue essentials, including meat, condiments and sides cost $47.70 in 2019 and the same items cost $67.51 in 2024, a more than 40% increase, research firm Datasembly told Axios.
- Ground beef, beef hot dogs and a 12-pack of soda had the largest gains since 2019, Datasembly's analysis found.
What they're saying: "No matter which state or city you call home, Americans everywhere are still feeling the heat at the grocery checkout," Datasembly said in a statement to Axios.
- "Consumers will see — once again — that prices are still climbing compared to pre-pandemic times," the company told Axios.
What's next: The summer of discounts has been heating up with retailers cutting prices and fast-food restaurants dangling $5 value meals to lure back consumers and get them to spend.
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