As the weather warms up around the country, more Americans are firing up their grills. Watch it!!! the costs to host a barbecue will likely increase.
The inflation adjusted price for many ingredients essential to a barbecue - everything from ribs to chiken are going up up and away. Overall food prices in March increased 0.4% from last month (compared with 0.2% from all items), and a seasonally unadjusted 1.7% from last year (compared to 1.5%) according to core CPI data this Tuesday. Moreover, many of the hardest hit foods are classic grilling staples like burgers and ribs, as meat, including beef, poultry and fish rose 1% from last month. In fact, one of the biggest shocks that consumers hoping to host a barbecue will see is in the price of beef, as already, retail beef prices hit an all-time high this year. What's more, ground beef prices climbed 2.2% and steak prices 2.6% since February, according to March CPI data released Tuesday. The reasons for these sky high beef prices include cattle herds being at near 63-year lows. Ouch!
So which stocks should benefit?