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Americans who are planning to grill this Memorial Day weekend are likely to see prices notably higher for a number of barbecue staples as persistent inflation squeezes household budgets.
The Bureau of Labor Statistics’ most recent consumer price index (CPI) inflation data from April showed that prices have risen significantly compared with a year ago for several popular dishes at cookouts – with burgers and steaks experiencing a notable jump.
Ground beef prices have risen 14.5% over the last year, while the cost of a steak is 16.1% higher in that period.
U.S. cattle inventories have sunk to the lowest level in over 70 years as ranchers deal with the impacts of droughts, which caused them to liquidate cows and shrink their herds, as well as rising overhead costs.
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The BLS’ index for frankfurters is up 10.7% year over year, so switching to hot dogs could bring modest price relief to consumers relative to beef prices.
Chicken is one type of meat that has seen prices decline in the last year, with a decrease of 0.7% from a year ago as of April. Fresh whole chicken prices were down 1.8%, while fresh and frozen chicken parts decreased 0.1% in that period.
The cost of fresh vegetables is up 11.5% over the last year, with the price of tomatoes surging 39.7% and lettuce prices up 7.9% in that time. By contrast, the price of potatoes has fallen 3% over the past year.
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Fresh fruits have seen more modest price increases, with the BLS index showing a 2.1% increase year over year through April. Citrus fruits rose the most at 6.5%, followed by bananas at 4% and apples at 3.1%.
Several popular desserts are also more expensive this Memorial Day weekend. BLS data showed that the prices of cakes, cupcakes and cookies are up 5.1% compared with last April.
Ice cream prices have also risen and are up a more modest 2.7% in the last year.
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Beverage prices have also risen at a modest pace compared with a year ago, as carbonated drinks are up 3.7% while nonfrozen, noncarbonated juices and drinks are up by a more modest 2.3% year over year.
Prices for alcoholic beverages consumed at home have been relatively flat overall in the last year with the index up just 0.4%, so consumers who wish to consume them this Memorial Day weekend will see less of a price impact.
Beer prices have risen the most in the category, climbing 2.2% year over year, while distilled spirits are up 0.1% and wine declined by 0.8% in that period.
