It could be worse. That's the theme of this year's 4th of July food prices. After the price of an Independence Day cookout hit a record high last year, it is at least trending in the right direction this year. The American Farm Bureau estimates the cost of a holiday cookout for 10 is down about 30 cents from last year. That includes some items that are more expensive, like burgers and potato salad. Other items are cheaper, like pork, buns, and potato chips.
The price of burgers is driven by beef costs, which have been rising for months. Conversely, egg prices continue to decline from their record highs earlier this year. Other items like ice cream, cookies, and produce are essentially flat from a year ago.
There are several factors working in favor of consumers this year. Financial planner Mitch Kramer notes that overall prices are down and wages are up. "Most people have gotten some kind of raise, so the after-inflation impact this year will not be as great as it was in 2024," he tells KTRH. "Plus, I think another big component that's come down significantly is the price of fuel."
While you won't notice massive savings for this year's cookout, prices seem to have plateaued and are now moving in a positive direction. "I think in general we're getting back to a lower inflation era," says Kramer. "A lot of the reasons for the runaway inflation, specifically the record government spending, have abated and a lot of those funds are now gone."
"So I just think we're king of resetting to more of a normal inflation rate, longer term."
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