As millions of Americans celebrate the Independence Day holiday this week, many celebrations will include food.
The American Farm Bureau Federation’s (AFBF) latest market basket survey shows the price of a 13-item basket for a traditional July 4th cookout for ten people is slightly higher than it was last year.
AFBF Chief Economist John Newton said the cost to feed family and friends is $52.80 or $5.28 per person compared to $52.69 or $5.27 per person in 2018.
“This year’s survey showed that hamburger prices were slightly more expensive in 2019 at $4.20 a pound, and then we also saw a decrease in rib prices in 2019, helping to keep the July 4th cookout price stable relative to prior year levels,” said Newton.
The rise in hamburger prices comes from strong consumer demand, as well as growth in U.S. meat production. Newton added the price of food remains stable for American consumers.
“The results of this year’s survey confirm that the price of a July 4th cookout remains in line with what we’ve seen over the past five years. Food prices remain very stable and are in line with the Consumer Price Index inflation rate of around one percent,” said Newton.
Out of the 13 foods in the survey, five decreased in price, five increased, and three had no change compared to last year. By the way, Farm Bureau tracked a new item as part of this year’s July 4th cookout survey – ice cream.
AFBF said as online grocery shopping continues to capture consumer interest, a survey of popular online grocery services reveals the 13 items included in the AFBF July 4th survey actually cost more than $70 or 38 percent higher than shopping at your local grocery store.
-Reported by Russell Nemetz/MTN News