Prices for these Fourth of July staples are even higher than they were in 2022.
, Wells Fargo Chief Agricultural Economist Michael Swanson shed light on which popular Fourth of July foods are more expensive this year, using data from the Bureau of Labor Statistics . So whether you're planning a more extravagant affair or working under tighter cost constraints, these insights will make sure you embark on your Fourth of July shopping trips knowing which products will inflate your grocery bill.
If you're planning on firing up the grill next week, grilling meats are among the food items that have gotten more costly. Sirloin steaks are currently priced at $10.75 per pound, making them 2.9% more expensive than they were a year ago. While ground beef price inflation has slowed considerably from a year ago, when the inflation rate was 16%, prices are still up less than 1%, the report said. Additionally, pork chop prices have increased 1%.
Those slightly pricer burgers could cost you even more if you plan to turn them into cheeseburgers. Processed cheese prices are up 10% due to"record strong milk prices at the producer level" last year, Swanson wrote. In that same vein, ice cream prices are also elevated, with a half gallon costing 9% more than a year ago.
Consumers may also face some extra price pressures when shopping for Fourth of July sides and snacks. Potato chips are up a whopping 15% from last year, due to a drought in important growing regions in Idaho and the Dakotas that sent prices soaring, Swanson wrote.Supply issues are also to blame for a rise in prices that will affect Fourth of July baked goods, including hotdog and hamburger buns.
Wine prices, on the other hand, are"basically unchanged" from last year, Swanson said. So this alcoholic beverage may be a good choice for consumers who are trying to avoid highly-inflated prices, especially since wine is sold at a wide range of different price points.
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