Americans having a Memorial Day cookout can expect to pay more for a number of staples, like beef, hot dogs and beer, according to Labor Department data.
Planning to have a barbecue over Memorial Day weekend this year? Prepare to shell out more money than in years past. A new analysis published by WalletHub found the typical Memorial Day cookout this year will cost about $30, a 10% spike when compared to 2023. Driving the increase are a number of barbecue staples, including ground beef, hot dogs, steak and beer, according to a FOX Business analysis of Labor Department data. The cost of steaks jumped 0.3% in April and is up 6.
Beer prices, meanwhile, surged 0.7% in April and are up 3% from a year ago. Only hot dog prices inched lower in April, falling by 1.1%. However, they remain 7.1% more expensive than last year. Americans can also expect to pay more for any condiments they use during their barbecue, with prices rising 1.5% in April from the previous month. Condiments cost 3.6% more than they did just one year ago. More than half of Americans plan to have a barbecue this year, according to the WalletHub study.
Inflation has also hit carbonated drinks, the cost of which jumped 1.2% last month. Soda prices are up about 4.1% from the same time last year. While inflation has fallen considerably from a peak of 9.1% in June 2022, it remains well above the Federal Reserve's 2% goal. On top of that, inflation is up a stunning 19.4% when compared to January 2021, shortly before the inflation crisis began. High inflation has created severe financial pressures for most U.S.
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