The 5% year-over-year increase tops out a 30% increase from 5 years ago.
Whether the grill is charcoal or propane, too many Americans feel like this July 4th weekend, the only thing burning is money. Thanks to inflation this year’s annual grill and BBQ celebration is the most expensive in history.
Year-over-year Independence Day celebration food costs are up 5% with some staples seeing even higher increases.
Fresh squeezed lemonade has skyrocketed in costs at 12% more expensive than last year. Ground beef is up 11% with potato chips and ice cream each spiking by 7% and 8% respectively. The average cost for a crowd of 10 this July 4th is up to $71.22. In 2022, the cost was $67.73.
If this year’s celebration feels even more expensive, it is because the situation is worse when looking back further. Food prices have climbed a staggering 30% from 5 years ago.
While total inflation has put significant strains on nearly every household budget category, Grocery prices have been some of the most impacted. Supply chain issues continue to plague many economic sectors causing some price increases, such as beef, to outpace overall inflation.
In 2012 The Federal Reserve set a target goal of 2% annual inflation but has been significantly above that number for the past four years. From 2014-2020 Inflation ranged from 0.8% to 2.3%. In 2021 total inflation peaked at 7% before cooling off to 6.5% in 2022.
In 2021 the Biden administration drew criticism for making the claim that they had lowered the cost of the holiday cookout by 16 cents even as housing prices jumped 24% in the same year.
