June 28, 2022

Having a July 4th Cookout? Read This First

By T. Thompson In Finance, Latest News with Comments Off on Having a July 4th Cookout? Read This First

    Americans celebrating Independence Day with a cookout will have to shell out a bit more money than usual.

    A new American Farm Bureau Federation (AFBF) survey found that the average cost of a Fourth of July cookout is up 17% compared to last year.

    The AFBF says Americans will spend about $69.68 for a 10-person cookout — about $10 more than in 2021. Prices of things like ground beef, chicken, pork, beans, hamburger buns, lemonade, and ice cream jumped significantly within the past year.

    “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,” said Roger Cryan, AFBF’s Chief Economist.

    “Bottom line, in many cases the higher prices farmers are being paid aren’t covering the increase in their farm expenses. The cost of fuel is up and fertilizer prices have tripled.”

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