Memorial Day barbecue will be 10% more expensive than last year

Americans preparing to fire up the barbecue grill this Memorial Day weekend will pay 10% more than they did last year for their cookout items as inflation continues to batter the economy, according to a report.

The average cost to welcome the unofficial start of summer jumped to $30 — compared to $27 in 2023, WalletHub reported.

A Consumer Affairs report came to a similar conclusion, noting that seven essential items for a routine cookout — burgers, hot dogs, buns and condiments — came to a total of $30.18, compared to $27.39 in 2023.

The soaring price of burgers was the biggest factor in the jump.

An order of eight burgers costs $8.07 — 15% higher than last year, according to Consumer Affairs.

Americans planning a Memorial Day cookout this holiday weekend can expect to pay more for staple items. AP

Burger and hot dog buns went up 1% to $3.06 and $3.09, respectively.

The price of eight all-beef hot dogs stayed the same, at $3.15, but condiments are more expensive this year.

A 32-ounce bottle of ketchup costs $5.53, a 2% increase from a year ago, while a 20-ounce bottle of mustard is $2.61 — up 3%.

The average cost to welcome the unofficial start of summer jumped to $30 — compared to $27 in 2023, WalletHub reported.

Meanwhile, a 26-ounce jar of of relish increased by a whopping 49% to $4.67, due to a pickle shortage caused by extreme weather in Mexico.

Having a cold beer to wash it all down — while not part of the Memorial Day basket of goods factored into the Consumer Affairs report — jumped 3% compared to last year, according to the Labor Department’s Bureau of Labor Statistics.

Soda prices rose 4.1%.

Since President Joe Biden took office in January 2021, grocery prices have increased by more than 21%.

The latest consumer price index from April showed that steaks were 6.5% more expensive compared to a year ago while the price of ground beef rose 6% from last year.

Other popular barbecue items also cost more.

Pork is 1.2% more expensive than it was last year, while pork chops cost 1.7% more. The price for a whole chicken rose 3%.

Canned fruits and vegetables increased by 3.5% year over year while frozen non-carbonated juices and drinks were up a whopping 29.2%.

The price of ground beef rose 6% in April compared to April of last year, according to the Bureau of Labor Statistics. Shutterstock

Overall, food inflation was 3.4% higher year-over-year in April, while groceries were 2.2% more expensive than they were in 2023.

US households in March spent $227 more for goods and services than they did in the same period last year.

Compared to two years ago, Americans are paying on average $784 more each months compared to two years ago and $1,069 more compared to three years ago.

Steak, pork and other meat have risen in price over the course of the last 12 months, according to federal data. AP

While the rate of inflation has slowed somewhat, food could become even costlier in the months ahead.

Extreme weather in Australia, Russia and Brazil has negatively impacted the harvest of key crops such as wheat, coffee, rice, cocoa and oranges.

Chicago wheat futures were nearing their highest totals since last July while Arabica coffee prices recorded their largest weekly gain since April, according to Bloomberg News.

Hot dogs are more than 7% costlier this year than they were last year, according to the latest figures. Shutterstock / Mike Flippo
On the whole, those doing a barbecue this year can expect to pay 10% more than last year. AP

The upturn in the crop index is stoking fears that key staple items such as bread, coffee and fruit will be even more expensive in the near term.

The Federal Reserve imposed a tight monetary policy, hiking interest rates to record levels in hopes of getting inflation closer to its goal of 2%.

The slow rate at which inflation has been cooling has prompted Fed officials to have second thoughts about slashing interest rates this year.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button