Fourth of July far costlier one year after White House 16-cent savings boast

Inflation might be even more explosive than Fourth of July fireworks this year as families grapple with pricier cookouts and holiday plans.

The cost of a July Fourth cookout is expected to be 17% higher than last year, according to a market basket survey by the American Farm Bureau Federation. That is a number that outpaces headline inflation, as prices on average are 8.6% higher from a year ago, according to the consumer price index. It also represents a major reversal from the small savings for the holiday that the Biden White House infamously touted in 2021 — to the derision of commentators.

The average cost of a summer cookout for 10 people is $69.68, which is about $10 more than it was last Fourth of July. Exactly how expensive a barbecue will be, though, will depend on the attendees, as some food products have boomed in price at a more breakneck pace than others.

For instance, the average price of 2 pounds of ground beef this year will cost $11.12, a staggering 36% increase from last year, and hamburger buns to pair with those burgers are up 16%, according to the AFBF data. In a bit of good news, sliced cheese has actually fallen in price by 13% to about $3.50 per pound.