Americans preparing to fire up the barbecue grill this Memorial Day weekend will pay 10% more than they did last year for their cookout items as inflation continues to batter the economy, according to a report.
The average cost to welcome the unofficial start of summer jumped to $30 — compared to $27 in 2023, WalletHub reported.
The latest consumer price index from April showed that steaks were 6.5% more expensive compared to a year ago while the price of ground beef rose 6% from last year.
Hot dog prices are 7.1% higher than they were in 2023, according to federal data.
Even the condiments have gotten more expensive over the course of the last 12 months, rising 3.6%.
Having a cold beer to wash it all down costs 3% more compared to last year, according to the Labor Department’s Bureau of Labor Statistics.
Soda prices, meanwhile, rose 4.1%.
Other popular barbecue items also cost more.
Pork is 1.2% more expensive than it was last year, while pork chops cost 1.7% more. The price for a whole chicken rose 3%.
Canned fruits and vegetables increased by 3.5% year over year while frozen non-carbonated juices and drinks were up a whopping 29.2%.
Overall, food inflation was at 3.4% higher year-over-year in April, while groceries were 2.2% more expensive than they were in 2023.
US households in March spent $227 more for goods and services than they did in the same period last year.
Compared to two years ago, Americans are paying on average $784 more each months compared to two years ago and $1,069 more compared to three years ago.
While the rate of inflation has slowed somewhat, food could become even costlier in the months ahead.
Extreme weather in Australia, Russia and Brazil has negatively impacted the harvest of key crops such as wheat, coffee, rice, cocoa and oranges.
Chicago wheat futures were nearing their highest totals since last July while Arabica coffee prices recorded their largest weekly gain since April, according to Bloomberg News.
The upturn in the crop index is stoking fears that key staple items such as bread, coffee and fruit will be even more expensive in the near term.
The Federal Reserve imposed a tight monetary policy, hiking interest rates to record levels in hopes of getting inflation closer to its goal of 2%.
Last month, inflation rose 3.4% year over year — which is an improvement from the 9.1% peak in June 2022.
The slow rate at which inflation has been cooling has prompted Fed officials to have second thoughts about slashing interest rates.
Since President Joe Biden took office in January 2021, inflation has risen 19.4% — with grocery prices increasing by more than 21%, shelter costs surged 18.37% and energy prices are up 38.4%.
