Which Foods on Your 4th of July Cookout Plate Are Most Costly

As Americans continue to face high prices for numerous different goods and services, some foods that will be purchased for an upcoming Fourth of July cookout have increased in price.

The American Farm Bureau Federation recently conducted a survey and found that retail prices for numerous Fourth of July foods, such as ground beef, ice cream and lemonade have risen.

"The average cost of a summer cookout for 10 people is $69.68, which breaks down to less than $7 per person. The overall cost for the cookout is up 17 percent or about $10 from last year, a result of ongoing supply chain disruptions, inflation and the war in Ukraine," the American Farm Bureau Federation said in a press release accompanying the survey results.

Why Does Food Cost More This Year?

The survey comes as the U.S. continues to face high prices for a number of goods and high inflation following the ongoing war in Ukraine and supply chain issues stemming from the COVID-19 pandemic. In May, the U.S. saw its largest increase in inflation since 1981, when the inflation rate reached 8.6 percent, according to the U.S. Bureau of Labor Statistics.

"Despite higher food prices, the supply chain disruptions and inflation have made farm supplies more expensive; like consumers, farmers are price-takers not price-makers," American Farm Bureau Federation Chief Economist Roger Cryan said in the press release.

Which Foods Cost More?

Ground Beef

According to the survey, one food item that may be the most expensive for this year's Fourth of July cookout is ground beef.

The survey found that two pounds of ground beef costs $11.12 which is a 36 percent increase in price from the previous year.

Chicken Breast & Pork Chops

The survey also found over a 30 percent price increase for other items including, two pounds of chicken breast, "32 ounces of pork & beans," and three pounds of pork chops.

Hamburger Buns & Ice Cream

The price for eight hamburger buns and a half-gallon of vanilla ice cream saw a 16 percent and 10 percent price increase, respectively.

Items That Have Dropped In Price

However, not all Fourth of July cookout items increased in price.

Strawberries

"One bright spot for consumers is the average retail price for strawberries, which declined by 86 cents compared to a year ago.

Cheese & Chips

Sliced cheese and potato chips also dropped in price, 48 cents and 22 cents, respectively," the survey said. "Better weather conditions in some fruit-growing regions and greater retailer pricing flexibility for processed products are the likely drivers behind the modest price declines for these items."

Inflation News

Economist Peter Schiff is warning that the United States will be facing an economic crisis worse than the Great Recession of 2008 following a new government report showing a 1.6 percent decrease in real gross domestic product (GDP) in the first quarter of 2022.

In an interview with Newsweek, Schiff said he was expecting a recession last year "so when we got that negative [GDP] number [today] it was pretty much what I was expecting."

He blamed both President Joe Biden and former President Donald Trump's administrations, as well as members of Congress, for signing off on trillions of dollars during the pandemic.

A billionaire investor said, however, that she believes the U.S. is already in a recession.

"Inflation has been a bigger problem, but I think it has set us up for deflation...We think we are in a recession, and the real big problem out there is inventories...the increase of which I've never seen this large in my career, and I've been around for 45 years," Cathy Wood said.

Millions of residents of one state will be receiving direct payments of up to $1,050 to help offset the high price of gas and other goods.

The payments to Californians will go out after Governor Gavin Newsom and legislative leaders reached an agreement on the framework for the 2022-2023 state budget, the governor's office announced on Sunday.