How much more will it cost to celebrate July 4th in 2022?
With inflation continuing to rise, we take a look at what foods have increased in cost ahead of 4th July celebrations and by how much.
With gas prices continuing to rise globally, it’s not the best time to be celebrating. On the other hand, it’s the 4th of July and that’s exactly what people are going to do, but how much more will it cost this year when compared with years gone by? Let’s find out!
Watch your wallet says Wells Fargo
“I’m not doing ribs. I’m not doing beef brisket and other things that probably I would normally do,” says David Branch, a food and agribusiness adviser for Wells Fargo who co-authored a new study which calculated how much prices have risen for specific 4th of July food categories. The study used a 10-person party for reference. According to Branch’s findings, there has been approximately an 11% average increase in food prices due to rising inflation. Here’s a look at what Branch and his colleagues found where 4th of July foods is concerned in 2022:
Chicken is now a luxury meat
In light of the increases across the board, many are recommending that individuals and families get creative with the proteins they eat. Branch himself recommends using shrimp or pork butt. As seen above shrimp has increased in cost by 8.2% which is of course not ideal, but that is nothing in comparison to the brutal 24% spike in price that chicken has seen. Indeed, Chicken appears to be the new red meat where its price is concerned.
Of course, though prices are higher, it’s still important to factor in weight to serving ratios. Chicken and beef for example are more expensive but per pound shrimp will likely lose out to them in terms of bang for the buck. That’s where it’s also important to consider how many people you’re going to entertain as well as the serving size for each one. Think of it this way: Two pounds of ground beef may be needed for burgers while only one pound of shrimp to make tacos. Burgers will of course be more expensive per person and that’s before we consider the other elements of a meal like toppings and drinks.
Is there a solution to rising food prices?
It can be daunting when thinking about entertaining folks for the holiday, but there is hope. Calculate the costs of the meal and you will likely find that certain kinds of meat will get you better value for your dollar. There are also a host of vegetarian options and as is the case with any 4th of July there are bound to be deals on offer, so be on the look out and have your coupons ready.
What has caused the food price hike?
When looking at the present situation it really is a classic example of the ‘domino effect.’ The pandemic disrupted global supply chains, which in turn significantly increased the costs of corn and soybeans, both of which are used in animal feed, which understandably has made meat products more expensive. Then there is the small matter of U.S. poultry farmers being force to cull millions of chickens in recent months due to the onset of an unforgiving bird flu. These factors have of course all been further exacerbated by the war in Ukraine which has had a direct effect on wheat prices. Ukraine is quite frankly one of the world’s major wheat exporters, such that Russian blockades have resulted in millions of tons of grain from leaving the country.
Inflation now stands at the highest rate its been since 1994 and will likely get worse before they get better. With that said there is nothing to be done other than practice patience while maintaining flexibility in the face of varying constraints. “It’s just a difficult time,” Branch said. “You can look for opportunities out there and still have a fun gathering with family and friends to celebrate the Fourth of July and not break the bank.”