Families celebrating the 4th of July will face higher grocery prices, with an Independence Day cookout for 10 guests costing $71.22 this year, according to the 2024 American Farm Bureau Federation (AFBF) annual marketbasket survey. This marks a 5% increase from 2023 and nearly 30% rise over the past five years, setting a record high at $7.12 per person since the survey began in 2013.
Key findings from the survey:
- Ground beef (2 lbs): $12.77 (+11%)
- Chicken breasts (2 lbs): $7.83 (-4%)
- Pork chops (3 lbs): $15.49 (+8%)
- Cheese (1 lb): $3.57 (+1%)
- Hamburger buns: $2.41 (+7%)
- Potato salad (2.5 lbs): $3.32 (-4%)
- Pork and beans (32 oz): $2.49 (+2%)
- Potato chips (16 oz): $4.90 (+8%)
- Chocolate chip cookies (13 oz): $3.99 (+2%)
- Ice cream (½ gallon): $5.65 (+7%)
- Strawberries (2 pints): $4.61 (+1%)
- Lemonade (2.5 quarts): $4.19 (+12%)
“Higher prices at the grocery store reflect a number of challenges facing America’s families. Lower availability of some cookout staples and inflation are hitting people in their wallets,” said AFBF Chief Economist Roger Cryan. Farmers, who receive only 15% of the retail food dollar, are also struggling with high costs for fuel, fertilizer, and other supplies.
The report highlights significant price increases for beef and lemonade, while noting price drops for chicken breasts and potato salad. Factors such as drought conditions and citrus greening have affected beef and lemon prices, respectively.
Despite the high costs, Americans spend a smaller percentage of their income on food compared to other countries. AFBF President Zippy Duvall emphasized the importance of supporting farmers through research, conservation, and farm safety net programs in the upcoming farm bill.
For a full analysis of the 2024 4th of July cookout survey, visit the Market Intel.
