Meats will cost you this Super Bowl Sunday
The standard spread at your Super Bowl party will likely cost you 8-14% more than it did in 2021, according to a recent Wells Fargo report.
Driving the news: Food prices are skyrocketing, but meat products — up 12-18% — could cause you the most sticker shock, according to the company's analysis of national data.
By the numbers: Chicken wing prices are up 14% and 26% for bone-in and boneless, respectively, from 2021.
- Ground hamburger meat is up 17%.
- The price of steak increased 23%.
- Shrimp prices rose 22%.
Yes, but: Additional staples, like vegetables, salsa and potato chips, rose more modestly.
- That includes beer and wine too, which are up 4% and 3% respectively.
The big picture: Consumer prices rose 7.5% over the last year, which is a 40-year high.
What they're saying: Supply chain disruptions driven by the pandemic contribute to rising prices, which manufacturers are passing on to consumers, Wells Fargo economist Karol Flynn told Axios.
- The pandemic also has permanently changed buying habits, with more people cooking at home and demanding ready-to-serve products, she added.
- "The industry that provides food for U.S. consumers is still finding its balance point," Flynn said
Zoom in: The price increases are pinching restaurants too, said Frank Byrne, owner of Byrne's Tavern, a chicken wing mecca in Port Richmond.
- Byrne called the rising prices "outrageous," especially for wings, cooking oil and takeout packaging, and he was worried about passing all of them onto customers.
- He has stockpiled about 5,000 pounds worth of chicken wings for the Super Bowl, the overwhelming majority of which are sold through takeout orders.
- "You don't know what's going to happen the next day. My margins are for s--t," he said.
What's ahead: Whether these price hikes are here to stay is unknown, Flynn said.
- "The crystal ball is really fuzzy on this one," she said.
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