Costliest 4th of July Foods

Some of the foods that will be purchased for an upcoming Fourth of July barbeque have increased in price as a direct result of the ongoing high prices that Americans are forced to contend with for a wide variety of goods and services.

According to the findings of a recent poll carried out by the American Farm Bureau Federation, the retail costs of a variety of goods traditionally consumed on the Fourth of July, such as ground beef, ice cream, and lemonade, have increased.

“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 “according to a statement made by the American Farm Bureau Federation in a press release that accompanied the survey results.

Why Are Groceries So Much More Expensive This Year?

The results of the study come at a time when the United States is still dealing with high costs for a variety of items and high inflation as a direct result of the ongoing conflict in Ukraine and supply chain challenges brought on by the COVID-19 outbreak. According to data provided by the United States Bureau of Labor Statistics, the United States experienced its highest rate of inflation in the month of May since 1981, when the national inflation rate reached 8.6 percent.

According to the American Farm Bureau Federation Chief Economist Roger Cryan, who was quoted in a news release, “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.”

Which Foods Are More Expensive?

Ground Beef

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According to the results of the poll, ground beef is one of the foods that has the potential to be the most pricey item at this year’s Fourth of July picnic.

According to the findings of the poll, the price of ground beef has increased by 36 percent over the course of the past year, reaching $11.12 for two pounds.

Breast of Chicken & Tenderloin of Pork

In addition, the poll discovered that the cost of other items, such as two pounds of chicken breast, “32 ounces of pork & beans,” and three pounds of pork chops, had increased by more than thirty percent.

Hamburger Buns & Ice Cream

The cost of buying eight hamburger buns and a half-gallon of vanilla ice cream has gone up by 16 and 10 percent, respectively, since last month.

Products That Have Experienced A Price Reduction

Not all of the things at the Fourth of July cookout, however, saw their prices go up.

Strawberries

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“One positive development for customers is the reduction of 86 cents in the typical retail price of a punnet of strawberries as compared to the same period last year.

Cheese with potato chips

Additionally, the price of sliced cheese and potato chips has decreased by 48 cents and 22 cents, respectively “according to the survey. “Better weather conditions in some fruit-growing regions and increased store pricing freedom for processed products are likely the causes driving the minor price drops for these commodities,” the author writes. “The declines in the price for these items come at a time when demand is strong.”

The latest on inflation

Peter Schiff warns the U.S. will face a worse economic crisis than the Great Recession of 2008 after a new government data showed a 1.6% drop in real GDP in the first quarter of 2022.

Schiff stated in a recent interview he expected a recession last year, “so when we got that negative [GDP] number [today] it was pretty much what I was expecting.”

He accused President Joe Biden, former President Donald Trump, and Congress of spending trillions during the outbreak.

“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 Woods stated.

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