By Renee Hickman
CHICAGO (Reuters) - The price of a July Fourth cookout will be 5% higher in 2024 than the previous year, according to a survey from the U.S. Farm Bureau released this week.
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.