The American Farm Bureau Federation reported Fourth of July cookouts will cost 17% more than last year, the biggest price jump since AFBF began the survey 10 years ago.
The annual survey said an Independence Day party will cost 10 consumers an average of $69.68 — $10 more than last year’s average price.
“That works out to about $7 per person, ”which is "an affordable price for many Americans," AFBF Chief Economist Roger Cryan said.
Ground beef topped the chart with a 36% increase, but chicken breast and pork products were also up more than 30%.
Cryan said the price increase is largely due to inflation caused by the Federal Reserve's expansion of the money supply. He added that supply chain disruptions and the Russia-Ukraine war have impacted prices.
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“We've had improved agricultural technologies and new opportunities to be more productive in so many ways,” Cryan said. “Agricultural production and agricultural productivity have grown for the last 40 years without a major disruption until this year. This year's war in Ukraine, I think, is a very striking demonstration of how fragile the system can be, and how important it is not to take our food supply for granted.”
While most cookout foods increased in price, strawberries, cheese slices and potato chips cost less than they did a year ago.
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