People across the country are looking ahead to the Fourth of July this Thursday.
In addition to the fireworks and friendship, Independence Day is filled with delicious food. From hot dogs and hamburgers to potato salad and watermelon, people are getting their last-minute shopping done.
I wanted to temper our expectations about how much we might spend and where we can save a few bucks, so I called Mark Huffman with Consumer Affairs.
Watch: What's driving inflation in the U.S.?
He told me that it appears inflation is normalizing this year, but some July 4 food staples will be a little more expensive.
“What is interesting that what went up the most were condiments,” he says. “Ketchup is up 10 percent over last year, mayonnaise is up 8 percent relish is up 7 percent. And you say well, why? Well, this is an educated guess, but I think it's the sugar content. Sugar is more expensive things that have sugar like soft drinks went up a lot in the last year.”
Watch: Why restaurant prices are so high
Consumer Affairs reports that hamburger and hot dog buns are also going to be a little more expensive.
What about meat?
“In Virginia, the price of beef, and that's everything from hamburger to sirloin steak, is up 2.2 percent,” Huffman says.
In fact, Wells Fargo’s Agri-Food Institute came out with its annual food report and found quite a substantial difference on cooking at home vs. going out to a restaurant.
In part, the team found the current cost to make a quarter pound burger, with cheese, tomato, and lettuce at home, is $2.16. Keep in mind, the person will have to do the prepping, cooking, and cleaning themselves.
Watch: What's legal when it comes to fireworks in Virginia?
The report goes on to say, “in contrast to the home-grilled burger, a sample of five popular Quick Service Restaurants (QSRs) shows the average price of a quarter pound burger is $6.95. Bottom line, the restaurant labor and overhead make the QSR burger 3.1 times more expensive.”
Even though burgers are delicious, if you care more about savings this year, Huffman says to opt for poultry because it's close to 7% cheaper.
“If you decided you would have barbecue chicken instead of hamburgers, you could probably save a little money,” he says.
If you take the time to compare prices in the grocery store, you can definitely find the savings, but you just need to figure out if it's worth your time to do that.
“You have to make changes, you have to make accommodations, and I think people are doing that,” Huffman says.
Click here to see the full report from Wells Fargo. Click here to see the mid-June 2024 Consumer Price Index.
