Americans preparing to fire up the barbecue grill this Memorial Day weekend will end up paying 10% more than last year for barbecue gear as inflation continues to take a toll on the economy, according to a report.
The average cost to celebrate the unofficial start of summer has jumped to $30, compared with $27 in 2023. WalletHub reported:.
The Consumer Affairs Agency report reached a similar conclusion, noting that the combined cost of seven items essential to a daily barbecue — burgers, hot dogs, buns and condiments — would be $30.18 in 2020 compared with $27.39 in 2023.
The biggest factor behind this surge was the rising price of hamburgers.
According to the Consumer Affairs Agency, an order of eight burgers will cost $8.07, 15 percent higher than last year.
Hamburger and hot dog buns rose 1% to $3.06 and $3.09, respectively.
The price for eight beef hot dogs remains the same at $3.15, but condiments have increased in price this year.
A 32-ounce bottle of ketchup went for $5.53, up 2% from a year ago, while a 20-ounce bottle of mustard went for $2.61, up 3%.
Meanwhile, a pickle shortage caused by extreme weather in Mexico sent the price of a 26-ounce jar of pickles soaring 49%, to $4.67.
Although not included in the Memorial Day shopping sprees included in the Consumer Affairs Report, the habit of quenching one’s thirst with a cold beer increased 3 percent from last year, according to the Bureau of Labor Statistics.
Soda prices increased 4.1%.
Since President Joe Biden took office in January 2021, food prices have increased by more than 21%.
According to the latest Consumer Price Index figures for April, steaks have increased in price by 6.5% compared to a year ago, while ground beef prices have risen by 6% compared to last year.
Other popular barbecue items will also be more expensive.
Pork meat is 1.2% more expensive than last year, pork chops are 1.7% more expensive, and whole chicken prices are up 3%.
Canned fruits and vegetables increased 3.5% year-over-year, while frozen still juices and beverages increased a whopping 29.2%.
Overall, food inflation rose 3.4% year-on-year in April, making groceries 2.2% more expensive than they would be in 2023.
U.S. households spent $227 more on goods and services in March than they did in the same period last year.
Compared to two years ago, Americans are paying an average of $784 more each month, and compared to three years ago, they are paying $1,069 more.
Although inflation has slowed somewhat, food prices could rise further in the coming months.
Extreme weather in Australia, Russia and Brazil has adversely affected harvests of key agricultural crops such as wheat, coffee, rice, cocoa and oranges.
Chicago wheat futures are nearing their highest level since July last year, while Arabica coffee prices recorded their biggest weekly gain since April. According to Bloomberg News.
The rising crop index has raised concerns that major staples such as bread, coffee and fruit may become even more expensive in the near future.
The Federal Reserve has implemented a tightening monetary policy, raising interest rates to record levels in hopes of pushing inflation closer to its 2% target.
The gradual pace of inflation’s slowing has Fed officials rethinking whether to cut interest rates this year.
