July Fourth Cookout Costs to Rise by 5% in 2024: US Farm Bureau Survey
Source: The DairyNews
The cost of a July Fourth cookout will be 5% higher in 2024 compared to the previous year, according to a survey released this week by the US Farm Bureau. The organization reported that an Independence Day cookout for ten people will average $71.22 this year, up from $67.73 in 2023.
Despite a downward trend in the overall US consumer price index in recent months, concerns about inflation persist among Americans, particularly in an election year. The Farm Bureau survey highlighted an 11% increase in the retail price for 2 pounds (0.91 kg) of ground beef, now $12.77, while chicken prices have decreased by 4% to $7.83 for 2 pounds.
Americans traditionally celebrate Independence Day with parades, fireworks, and cookouts featuring items such as hamburgers, steaks, hot dogs, chicken, and corn on the cob. The Farm Bureau's survey is not the only one indicating a rise in holiday meal costs. Rabobank reported that the average cost of a cookout for ten people would exceed $99, up from $97 last year, with beverages and beef being the most expensive items.
However, the overall increase in US food prices in 2024 is expected to be around 2%, down from an average of 3% annually, according to Andrew Stevens, an economics professor at the University of Wisconsin-Madison. "Yes, food prices are increasing, but they're not increasing as much as they have in recent years, and they're even a little below the long-run average," Stevens told Reuters. US consumer prices were unchanged in May.
Inflation remains a significant concern for Americans as the election approaches. A recent poll indicated that 43% of respondents believe former President Donald Trump would have a better approach to the economy, compared to 37% for President Joe Biden. The cost of the Fourth of July meal had decreased in 2023 from 2022, according to the Farm Bureau survey.
Americans traditionally celebrate Independence Day with parades, fireworks, and cookouts featuring items such as hamburgers, steaks, hot dogs, chicken, and corn on the cob. The Farm Bureau's survey is not the only one indicating a rise in holiday meal costs. Rabobank reported that the average cost of a cookout for ten people would exceed $99, up from $97 last year, with beverages and beef being the most expensive items.
However, the overall increase in US food prices in 2024 is expected to be around 2%, down from an average of 3% annually, according to Andrew Stevens, an economics professor at the University of Wisconsin-Madison. "Yes, food prices are increasing, but they're not increasing as much as they have in recent years, and they're even a little below the long-run average," Stevens told Reuters. US consumer prices were unchanged in May.
Inflation remains a significant concern for Americans as the election approaches. A recent poll indicated that 43% of respondents believe former President Donald Trump would have a better approach to the economy, compared to 37% for President Joe Biden. The cost of the Fourth of July meal had decreased in 2023 from 2022, according to the Farm Bureau survey.
