Summer cookout staples for this year’s Fourth of July barbeque will cost more than $7 per person, a new record, according to the American Farm Bureau’s market basket survey. A gathering of 10 people will set revelers back $71.22, 5% more than in 2023 — and 30% more expensive than five years ago.
The survey is based on the cost of cheeseburgers with all the fixings, chicken breasts, pork chops, potato chips, pork and beans, fresh strawberries, homemade potato salad, fresh-squeezed lemonade, chocolate chip cookies, and ice cream.
“The increases in the cost of our cookout items reflect a number of broader economic factors,” the American Farm Bureau says. “General inflation has been highly disruptive to the whole economy, leaving behind many whose incomes haven’t kept pace. Rising supply costs and global uncertainties have created new challenges for farmers and everyone in the food supply chain.”
Two pounds of ground beef now cost an average $12.77, up a dollar, or 11%, from 2023. This is partially due to the overall cattle inventory being the smallest in 73 years.
Pork chops are now 8% more expensive compared to last year, costing $15.49 for three pounds. In California, this jumps to $19.91 for three pounds of pork chops.
Another factor driving up prices is the avian flu, which has hit more than 40 cattle herds in the United States. The bird flu, meanwhile, is contributing to rising prices for poultry and eggs.
Another factor causing food prices to rise is that famers’ income dropped 17% and is on track to fall another 25% in 2024.
“Combined with weather uncertainty and volatile commodity prices, farmers and ranchers are vulnerable to significant impacts to their businesses’ bottom line,” bureau experts say. “Higher food prices do not equal higher incomes for farmers. Less than 15 cents of every dollar spent on food goes to the farm once you take into account processing, transportation and marketing.”