Despite the impact of inflation, Americans remain enthusiastic about celebrating the Fourth of July holiday. Price hikes have slowed compared to last year, but the cost of hosting a cookout is still significant. According to the National Retail Federation, 87% of Americans plan to celebrate the holiday this year, the highest number since before the pandemic. Of those celebrating, 65% will have a cookout, with an average spending of $93.34 on food per person.
Varying Cookout Costs
While food prices have increased by 5.8% in the past year, the rate of increase has slowed to 12%. However, hosting a cookout can still be expensive, especially depending on the type of meat. Wells Fargo’s chief agricultural economist, Michael Swanson, explains that the beef industry is dealing with a shortage of cattle, leading to higher steak prices. On the other hand, the chicken industry has responded quickly to international competition, resulting in lower chicken breast prices. Similarly, egg prices have recovered from the avian flu and are now 7% cheaper than last year.
When it comes to the snack table, certain items have seen significant price increases. Wheat prices have eased since the Ukrainian crisis, but bread costs 22% more than last year. Additionally, chocolate cookies have gone up by 14%, potato chips by 15%, and dips and condiments by 9%. Ice cream prices have also increased by 9%, although dairy prices are expected to go down in the coming months. Soft drinks and beer prices are rising, while wine prices remain relatively stable.
Fortunately, Thanksgiving is expected to bring overall flat prices and a decrease in certain categories as supply chains normalize. Despite the higher food prices for July Fourth, the number of employed Americans has increased by 4 million compared to last year.
Cheaper Car Travel
AAA projects that a record 50.7 million Americans will travel more than 50 miles from home for the Fourth of July weekend. This includes a significant increase in car travel, with 43.2 million people driving, up 2.4% from last year and 4% from 2019. Gas prices have significantly decreased from last summer, allowing drivers to save $2.6 billion on gasoline compared to last year’s holiday. The national average estimate for gas prices during the holiday is $3.49 per gallon, a considerable drop from 2022.
GasBuddy.com reports that a tank of gasoline for a mid-size vehicle is about $20 less than last year, with some states offering as low as $44 to fill up. Gas prices in 47 out of 50 states are currently more than $1 lower than a year ago. Prices are expected to decrease even further by Labor Day.
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