Independence Day celebrations in 2024 are set to be more expensive than ever, according to the American Farm Bureau Federation’s latest survey.
Released on June 27, the report shows that the average cost of a Fourth of July cookout has reached a new high, reflecting ongoing inflationary pressures in the U.S. economy.
The numbers tell a clear story: a typical barbecue for 10 people will now cost $71.22, up 5% from last year’s $67.73.
This increase comes at a time when many Americans are already feeling the squeeze, despite recent data suggesting a gradual easing of overall consumer price inflation.
The meat counter is where shoppers will notice the biggest hit.
Ground beef prices have jumped 11%, now costing $12.77 for two pounds. Pork chops aren’t far behind, with a 3-pound package up 8% to $15.49. Chicken breast prices offer a small reprieve, dropping 4% to $7.83 for two pounds.
As we gear up to celebrate the 4th of July, families will be hit with the highest costs ever for an Independence Day cookout.
According to @FarmBureau, feeding 10 guests will set you back $71.22 – a 5% increase from last year and nearly 30% higher than five years ago. pic.twitter.com/hf7l8Fa6p1
— Congressman Nick Langworthy (@RepLangworthy) June 27, 2024
Together, these protein staples make up over half the total cost of a typical cookout spread.
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American Farm Bureau Chief Economist Roger Cryan explains, “Higher prices at the grocery store reflect a number of challenges facing America’s families. Lower availability of some cookout staples and inflation are hitting people in their wallets.”
It’s not just the main dishes seeing price hikes.
Everything from hamburger buns to potato chips, cheese, ice cream, lemonade, and strawberries has become more expensive. Only homemade potato salad bucked the trend, with a 4% decrease in cost.
These findings align with a Rabobank report released on June 26, which paints an even costlier picture.
Their analysis suggests a cookout for 10 could top $99, up from $97 last year, with beverages and beef as the main culprits.
Notably, this year’s increase follows a brief dip in 2023, when cookout costs fell by about 3% compared to 2022.
This fluctuation highlights the volatility in food prices and the complex factors driving them.
The impact of these price increases extends beyond consumers.
Cryan points out that farmers are caught in a squeeze, facing higher input costs but limited ability to set prices.
“Farmers are price takers, not price makers,” he notes. “Their share of the retail food dollar is just 15 percent, but they still pay elevated fuel, fertilizer, and other supply prices.”
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As families and friends gather to celebrate, many will be keenly aware of the extra cost needed to keep their Independence Day traditions alive in the face of rising costs.
