Last year, the White House was ecstatic because Fourth of July cookouts cost 16 cents less than the year before. This is the same government that celebrated a 2-cent drop in petrol prices in late 2021. How much will Americans spend on a BBQ to gather with family and friends to celebrate Independence Day now that high inflation is deeply engrained?
The BLS says that food prices have gone up 10.1% in the past year (BLS). Everything in a fridge or pantry has gone up in price, from biscuits (+12.6%) to eggs (+32.2%) to lettuce (+12.6%). (11.4 percent ). The World Economic Forum said that this price shock could force every family in the US to become vegetarian or eat bugs to survive.
Higher costs aren’t only hurting buyers. Price-point misery affects farmers, too.
The summer cookout: Based on May BLS data, here’s how much families can anticipate spending on Fourth of July events this year.
- Ground beef up 13.4% to $5.332/lb
- Bacon up 16% to $7.364/lb
- Boneless chicken breast +27.9% to $4.31/lb
- Pork Chops: +6.6% to $4.13/lb
- Beans (+15.5% to $1.64/lb)
- Cheddar Cheese +4.1% to $5.645/lb
- Potato chips: +14% to $5.61 for 16 oz.
- Half-gallon ice cream: $5.352 (+14.2%).
- +6.3% to $1.606/lb for bread
2023 Fourth of July celebrations cheaper? Possibly. Many suppliers and chain restaurants worry prices will keep rising as energy costs skyrocket and supply networks remain fragmented. Morningstar predicts it will begin next year since wheat, maize, and soybeans have declined in recent sessions.
Alan Blinder, Princeton economics professor and former Fed vice chairman, does not think inflation will be persistent. “One day, maybe soon, food and energy costs will level down,” he said in a recent WSJ op-ed. “Inflation will decrease rapidly and substantially. It’s happened before.”
Until then, many customers would skip meals or limit amounts.
Even attending a Fourth of July cookout is pricey. A gallon of petrol costs $4.90, up 58.22% from a year earlier. Californians spend $6.31 a gallon and Georgians $4.40. Transportation costs have raised food prices. Diesel has risen 79% to $5.80 a gallon.
Since rising food prices eat up family budgets, some people may have to fast on the Fourth of July. When the US government tells the public about inflation, people spend more money, take on more debt, drive less, and complain more. As the cost of living goes up and the government tortures the people with Keynesian interventionist economics, this year could be worse. The country’s reputation is going down quickly, which is sad.
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