Celebrity chef and restaurateur David Burke shares his favorite 4th of July recipes for your BBQ.
According to a recent report from Wells Fargo, Americans who hit the grocery stores to stock up for the Fourth of July parties amid inflation will see some relief in the cost of certain groceries but not others.
The Wells Fargo Agri-Food Institute report examined the average food cost of a Fourth of July barbecue, from meat and bread to cookies and beer. It was based on data released by the Bureau of Labor Statistics (BLS), including the consumer price index (CPI).
As FOX Business previously reported, CPI inflation in May rose 0.1% mom and 4% yoy, marking some moderation. For groceries at home, it increased by 01.0% from April to May and by 5.8% compared to the same period last year.
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How much people spend on protein for their Fourth of July cookouts depends on the type they choose, the Wells Fargo report said.
When making burgers, the cost of a pound of ground beef, averaging $5.36, is up less than 1% year-on-year, the report said, citing the BLS. To throw a sirloin steak on the grill, on the other hand, costs $10.75 per pound, up almost 3% year over year.
When making burgers, the cost of a pound of ground beef, averaging $5.36, is up less than 1% year-on-year, the report said, citing the BLS. (Getty/File)
Chicken breast, on the other hand, cost $4.24, down nearly 2% year over year, Wells Fargo’s report found.
Some burger ingredients will be more expensive this year, such as processed cheese, which is up 10% to $4.77 a pound, according to the Wells Fargo report. It was also noted that bread cost $1.95 per pound, a 22% increase. This was attributed to the high cost of flour, but it was “still very affordable” for many.
How much spice will cost someone has risen 9% year over year, according to Wells Fargo — and the dips are also recorded.
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The report priced another favorite of July 4th partygoers, potato chips, at $6.45 a pound. It noted that droughts in Idaho, North Dakota, and South Dakota contributed to the 15% year-over-year increase.
According to Wells Fargo’s report, eggs offered in different variations at cookouts cost about $2.67 for a dozen. (iStock / iStock)
According to Wells Fargo’s report, eggs offered in different variations at cookouts cost about $2.67 for a dozen.
Previously, they were significantly higher, with increases in production costs and bird flu playing a role last year, among other things. One thing that will benefit eggs is falling corn and soybean prices, the report said.
For soft drinks, the price of a 12-ounce soda averaged 54 cents, up 14% from the prior year, which Wells Fargo said labor and packaging costs contributed to. The report suggested moving to a 2-litre bottle as a cost-saving strategy.
According to the report, a pint of beer is up 8% year-on-year to $1.74. Wine, on the other hand, has remained relatively stable at $13.40 per liter.
According to the report, a pint of beer is up 8% year-on-year to $1.74. (iStock)
Candy brought in for a Fourth of July party will also have a higher price, as a gallon of ice cream was $5.81 and a pound of chocolate chip cookies was $5.15, Wells Fargo’s report found .
Getting food for a cookout isn’t the only thing Americans will be busy with during the July 4th holiday.
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Last week, AAA predicted that 50.7 million people will travel at least 50 miles by car or plane between June 30 and July 4 as part of the Independence Day celebrations. This total includes 43.3 million drivers, 4.17 million airplanes and another 3.36 million people using other modes of transport, setting a new record for the organization.