RALEIGH — As annual Independence Day celebrations approach, picnic meals may be more expensive than last year according to the Wells Fargo Agri-Food Institute’s Fourth of July Food Report.
The report says food inflation has slowed down but it still won’t be cheaper for this year’s festivities.
Sirloin steak is now at $10.75 per pound, an increase of 2.9% from last year. Last year’s price was already up 14% over 2021 prices.
Chicken breasts are running around $4.24 per pound, which is down nearly 2% over last year, while pork chops are up 1% from a year ago, now priced at $4.19 per pound.
Based on Bureau of Labor Statistics (BLS) statistics, ground beef rose by 16% in 2021 and now sits at $5.36 per pound, which is just under a 1% increase over 2022. If you want cheese on your burger this Fourth of July it will cost you 10% more than last year.
Other increases on typical July 4th holiday staples over last year’s costs include bread up by 22%, ice cream up by 9%, potato chips up 15% and beer up 8%.
With regard to chips, the report puts them at “$6.45 a pound, up 15% from last year,” and that “Inflation for potato chips is even higher than the general inflation rate for the catchall category of ‘other foods’ which is currently running at 9%.”
Additionally, dips and condiments may be about 9% more expensive than last year, per the Wells Fargo report.
Quenching one’s thirst may also be more expensive as the soft drink industry is still dealing with higher labor and packaging, per the report which cites a 12-ounce soft drink currently costing 54 cents, an increase of 14% from a year ago.
Other items covered by the report include eggs and milk.
At the onset of 2023, a dozen eggs cost $4.82. That price has come down significantly, with an average cost now at $2.67; a 7% drop from a year ago.
“Last year saw record strong milk prices at the producer level. This forced the dairy processors and retailers to pass along those high prices to consumers. Milk prices have fallen substantially over the first part of 2023, but this hasn’t yet helped the consumer,” the report says.
