Inflation makes Independence Day celebrations more expensive this year

Eduardo Munoz Alvarez/Getty Images News

84% of Americans plan to celebrate Independence Day this weekend, according to the National Retail Federation, though inflation will add to the cost of cookouts and festivities. Those who have plans for the holiday are forecast to spend over $84 for food items on average (up $4 from last year and $10 from 2020) for a total of $7.7B. More than half of consumers are planning a BBQ or picnic, and 26% of those celebrating expect to purchase additional patriotic items.

Snapshot: Ground beef prices are up 36% from a year ago, per the American Farm Bureau Federation, while the cost of chicken breasts and pork have increased by more than a third. Fuel, fertilizer and other key farming inputs were already under pressure before the invasion of Ukraine, which further disrupted the global agriculture supply chain. Anyone hitting the road this weekend will also face near record high prices at the pump and good luck to those traveling by plane as airport numbers reach pre-pandemic levels

"Airlines are learning the hard way that there is a severe price for over-optimism," noted Joseph Schwieterman, a transportation expert at DePaul University. "They are on the edge of a cliff this holiday."

Chasing the Mustard Belt: Around 35,000 people are estimated to convene on the corner of Surf and Stillwell avenues in Coney Island to watch the Nathan's Famous (NATH) Fourth of July Hot Dog-Eating Contest. Millions more will watch the ESPN telecast of the event, which has been formally going on since 1972. Keep an eye on defending men's champion, Joey "Jaws" Chestnut, who ate 76 hot dogs during last year's showdown. Nathan's stock has also had some luck in 2022, with shares recently rebounding to $58 - the same price where they started the year - despite a broader market downturn.

Comments

[Jorel Boston]

I will pay the extra price for 'Merica.
Happy July 4th
Wishing you all success in investing.

[wboz]

No fireworks for us in Michigan this year. We'll get to see plenty of other people's.

Granted, it's less to do with cost than us kids (no longer kids!) worrying that grandpa is going to blow himself up with the fireworks one day ... Nobody argued when he decided to skip it for once :P

[NorthZorro]

Traffic was heavy leading to / from the beaches. People are still driving, even with the high gas prices.

[User 31614085]

Anybody who voted for Biden should be forced to wear orange vests and pick up trash besides a highway this weekend as punishment for what they've done to this country..

[Kneeling Is Patriotic]

@MJL987 what policies has he done to set off inflation? We can all wait for your “research.”

[dandroidz]

Where's the WH Tweets/press bragging about this? Not as amazing as saving $0.16 on July 4 2021? Best economy ever Jack!
Choco choco chip ice cream!

[$CLU]

Tell you what!
My 600 dollars for fireworks doesn't go nearly as far as last year.
How're they expecting us to make ends meet?

[Jim Kimmelman]

@$CLU well clearly buy $600 in fireworks instead of necessities...