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The
farmer and rancher organization said an Independence Day cookout
for 10 people will cost an average of $71.22 this year versus
$67.73 in 2023.
The overall U.S. consumer price index has been trending lower in
recent months, but many Americans remain worried about inflation
in an election year.
The Farm Bureau survey showed the retail price for 2 pounds
(0.91 kg) of ground beef increasing by 11% to $12.77, although
chicken prices fell 4% from last year at $7.83 for 2 pounds.
Americans typically celebrate the midsummer Independence Day
holiday with parades, fireworks and cookouts featuring
hamburgers, steaks, hot dogs, chicken, corn on the cob and other
foods.
The Farm Bureau's survey is not the only one indicating the
annual holiday meal is getting more expensive. A report by
international bank Rabobank said on Wednesday that the average
cost of a cookout for 10 people would top $99, up from $97 last
year, with beverages and beef the most expensive items.
Still, the overall increase of food prices in the United States
in 2024 is expected to be about 2%, down from an average of 3%
annually, Andrew Stevens, an economics professor at the
University of Wisconsin-Madison, told Reuters.
"Yes, food prices are increasing, but they're not increasing as
much as they have in recent years, and they're even a little
below the long-run average," Stevens said.
U.S. consumer prices were unchanged in May.
Americans have cited the impact of inflation on the economy as
one of their top concerns heading into the election, and a
Tuesday poll indicated that 43% think former President Donald
Trump would have a better approach for the economy, compared
with 37% for President Joe Biden.
The cost of the Fourth of July meal had decreased in 2023 from
2022, according to the Farm Bureau survey.
(Reporting by Renee Hickman in Chicago; Editing by Matthew
Lewis)
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