Poultry Lovers Might Be In For 'Sticker Shock' Ahead Of July 4th BBQ
Tens of millions of Americans will be firing up the barbecue grills this week, especially on July 4, to celebrate Independence Day with burgers, pork sausages, and chicken breasts. However, don't expect any tremendous price discounts this week, mainly because of persistent inflationary pressures on food.
"Many Americans will be firing up the barbecue on July 4 to celebrate Independence Day, with hamburgers, pork sausages and chicken breasts among the perennial favorites for the summer holiday," Bloomberg wrote in a commodity wrap on Sunday.
The note continued, "Poultry fans may be in for a bit of sticker shock, though: wholesale boneless chicken breasts have soared 67% this year, more than quadruple beef and pork prices. Wholesale prices offer a leading indicator for what shoppers will eventually pay at the supermarket."
According to the American Farm Bureau Federation, the average cost of a cookout for ten people will be around $71 this summer, up 5% from a year ago and up more than 30% from five years ago.
The AFBF provided a price breakdown in year-over-year changes compared with 2023 prices for typical BBQ foods (list courtesy of CNBC):
-
2 pounds of ground beef, $12.77 (+11% vs. 2023)
-
2 pounds of chicken breasts, $7.83 (-4%)
-
3 pounds of pork chops, $15.49 (+8%)
-
1 pound of cheese, $3.57 (+1%)
-
1 package of hamburger buns, $2.41 (+7%)
-
2½ pounds of homemade potato salad, $3.32 (-4%)
-
32 ounces of pork and beans, $2.49 (+2%)
-
16 ounces of potato chips, $4.90 (+8%)
-
13-ounce package of chocolate chip cookies, $3.99 (+2%)
-
½ gallon of ice cream, $5.65 (+7%)
-
2 pints of strawberries, $4.61 (+1%)
-
2½ quarts of lemonade, $4.19 (+12%)
While Wells Fargo agricultural analysts recently noted that the worst food inflation is "in the rearview mirror," food prices remain sky-high at home and away.
Let's remind readers about out-of-control food inflation under Bidenomics.
A man reorders his identical Walmart shopping list from 2022 for 45 items.
— Charlie Kirk (@charliekirk11) June 27, 2024
2022: $126
2024: $414
The same basket of goods nearly quadrupled in price in just two years!!
We need more people to run this same exercise and share your videos. pic.twitter.com/PqubvdV7vS
In recent weeks, Goldman has advised clients that the best deals on food can be found at Walmart.
https://ift.tt/FcbKXrk
from ZeroHedge News https://ift.tt/FcbKXrk
via IFTTT
0 comments
Post a Comment