Although celebrating the Fourth of July on Tuesday with a family cookout will cost more than two years ago, prices will be slightly lower than the record high set in 2022, according to a report released Tuesday by the American Farm Bureau.
The average grocery bill to feed 10 people will be $67.73, a 3% drop from 2022, which had the highest average price since the Farm Bureau began the survey in 2013. This year's average is 14% higher than in 2021, however, and will be the second-highest behind 2022 since the survey began.
"The slight downward direction in the cost of a cookout doesn't counter the dramatic increases we've seen over the past few years," said Roger Cryan, chief economist for the Farm Bureau. "Families are still feeling the pinch of high inflation along with other factors keeping prices high.
"Don't assume farmers come out as winners from higher prices at the grocery store either," Cryan continued. "They're price takers, not price makers, whose share of the retail food dollar is just 14%. Farmers have to pay for fuel, fertilizer and other expenses, which have all gone up in cost."
Data from the survey was collected by volunteer shoppers and Farm Bureau members from 240 stores in every state and Puerto Rico.
The survey found the retail price for a package of eight hamburger buns increased 17% to $2.26. Homemade potato salad will cost $3.44, up 5% from 2022. The cost of two pounds of ground beef rose 4% to $11.54.
The price of chicken breasts, which had reached a record high in 2022, is lower, likely because poultry producers were not hit by avian influenza, which devastated flocks last year. The price of two pounds of chicken breasts is $8.14, a 9% drop from 2022. Lemonade is 16% less expensive, at $3.73, because of a drop in the cost of lemons.
"While the increased costs are difficult and have made it more challenging for some families to put food on the table, it's important to remember that America still has one of the most affordable food supplies in the world, which is due in part to strong farm bill programs," said Zippy Duvall, the Farm Bureau's president. "As we all celebrate the holiday, we encourage members of Congress to consider the contributions of the farm bill to our security and independence by ensuring a safe and abundant food supply."
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