Experts: Independence Day barbecues, like everything else, will cost a bit more this year
WACO, Texas (KWTX) - This may be the first, seemingly, normal summer people have had in a couple of years. What is not normal is the price to celebrate.
That is something people should expect when preparing for those Fourth of July cookouts. At this point in the year, though, people may be used to high prices.
“But I don’t think it has lessened their anger towards it,” said Rob Tennat, assistant professor of accounting at Texas A&M University Central Texas.
This year, backyard barbecues are going to be more expensive than they have been in the past.
“Last year the Biden administration posted on social media that we were going to save 16 cents compared to the year before,” said Tennant. “This year, it’s going to cost folks, on average, $10 more for that same meal.”
There is a slight reprieve from the high prices, at least for the most expensive grilling items like meats.
“Beef prices are down a little from where they were a month-or-so ago, but they’re still higher,” said Ray Perryman, president and CEO of the Perryman Group. “That’s going to impact brisket, it’s going to impact hamburgers, some hotdogs and that sort of thing.”
Behind the meats is grains. So buns are going to be a bit more expensive too.
Some data also shows pre-pandemic Independence Day barbecues would have cost a little less than $60. But this year, it is closer to $70.
“We’re going to keep seeing some prices going up over time,” said Tennant. “And I think we’re just going to have to fight through it.”
And, according to Tennant, as long as shipping costs stay high, so will prices of everyday items.
Though the Federal Reserve and White House are stepping in to help, it may be a while before things start to get cheaper.
“But I don’t think they’re going to happen in time to help us over the Fourth of July weekend,” said Perryman. “And probably not the labor day weekend for that matter.”
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