Fourth of July BBQ Prices at All-Time High

It will be an expensive Fourth of July for most consumers as BBQ prices hit an all-time high.

According to the American Farm Bureau Federation, which used a market basket survey to determine the average cost of summer cookout staples for a holiday celebrating America, the cost of food basics is significantly higher than last year.

The survey checked prices for a complete cookout consisting of cheeseburgers, chicken breasts, pork chops, potato chips, pork and beans, fresh strawberries, homemade potato salad, fresh-squeezed lemonade, chocolate chip cookies, and ice cream. To feed a group of 10, consumers can expect to pay $71.22 for their celebration, up 5% from last year and 30% from five years ago. 

Of all the staples, meat will cost consumers the most, as ground beef, pork chops, and chicken breast account for 50% of the total cookout cost.

Getting ready to celebrate July 4th with a summer cookout? This year’s meal comes in at $71.22. That’s up 5% from 2023 and almost 30% from just 5 years ago. 📰 https://t.co/xvfnYckcBv pic.twitter.com/SBQcWag7Jb

— American Farm Bureau (@FarmBureau) June 26, 2024

The federation writes, “Fewer cattle are being placed on feed, but more are heading to the grocery store shelves. Fewer cattle also mean there won’t be as much beef available to replace our shrinking supplies in cold storage.”

“Although short-run supply boosts from available cold storage and near-record cattle weights should keep beef prices from skyrocketing, high summer demand for beef and improved drought and forage conditions across the country have given farmers and ranchers a reason to retain breeding animals; when this happens, there will be fewer cattle on feed for beef supplies, further supporting higher beef prices,” it continues.

Reuters reports that the overall uptick in cost will be around 5%. “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,” said economics professor at the University of Wisconsin-Madison, Andrew Stevens.

“The consumer is waving the white flag on food inflation,” said Tom Bailey, senior consumer foods analyst at Rabobank. “With an added 2% in price hikes in 2024 coupled with the cost disparity between dining out and cooking at home at its widest margin in history, we’re seeing heightened fatigue and frugality,” says PR Newswire.