Americans are feeling the impact of rising inflation as the cost of a traditional Fourth of July barbecue hits a near-record high, according to a recent survey by the American Farm Bureau Federation. Feeding a party of 10 for this year’s cookout amounted to $67.73, a 3% decrease from last year’s all-time high but still 14% higher than two years ago. The survey, conducted since 2013, measures the prices of 12 essential items for a cookout, including hamburger buns, beef, potato salad, chicken breast, lemonade, pork chops, cheese, potato chips, ice cream, strawberries, and chocolate chip cookies.
Certain items experienced significant price increases, such as a 4% rise in the cost of 2 pounds of beef to $11.54 and a 5% increase in the price of 2.5 pounds of potatoes to $3.44. Hamburger buns saw the steepest increase, with a remarkable 17% jump to $2.26 per unit. However, the price of cheese for burgers remained the same as last year. On the other hand, the survey also revealed drops in prices for certain items, including a 9% decline in the cost of 2 pounds of chicken breast to $8.14, which is attributed to a decrease in avian flu cases that led to the culling of millions of chickens and other birds last year. Lemonade saw the most significant price decrease, with a 16% drop to $3.73, nearly offsetting the higher bun prices.
Overall, the cost of this year’s Fourth of July cookout remains the second highest on record, as reported by the American Farm Bureau Federation. The high inflation experienced last year has begun to recede, partly due to the Federal Reserve’s efforts to raise interest rates. The inflation index closely monitored by the Fed showed a significant drop in May, reaching its lowest level since April 2021, fueled by lower gas prices and slower-rising food costs. Prices rose 3.8% in May compared to the same month last year, a noticeable decline from the 4.4% increase seen in April. From April to May alone, prices only increased by 0.1%. Despite this slight relief, food costs are still 5.8% higher than they were a year ago, while gas prices have dropped 22% over the past year.
In conclusion, while there has been some moderation in the rate of inflation, Americans are still feeling the impact of rising prices, particularly when it comes to hosting a traditional Fourth of July barbecue.
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