The cost of an Independence Day cookout for a family of ten this year is $67.73, according to the 2023 American Farm Bureau Federation market basket survey. AFBF Chief Economist Roger Cryan said the latest survey shows inflation is still impacting food prices.
?The prices we collected show that the price of a July Fourth picnic is down three percent this year compared to last year,? Cryan said. ?That?s still 14 percent higher than it was two years ago and this year?s basket is the second highest in the history of the survey. But it?s important to remember that that still means the cost of a July Fourth cookout comes out to less than $7 per person.?
Cryan said the price changes largely follow the weather and economics of agriculture and food production.
?This year we saw increases in the price of hamburger buns, beef, and potato salad, while there were drops in the cost of chicken breast, lemonade, and cookies,? Cryan said. ?Some of the factors that impacted some of the increases included drought across much of the West and Midwest, which increased the cost of feed for cattle, and it drove up the price of ground beef. Poor weather also led to a smaller potato crop this year and overall inflation is driving up the cost of processed foods like hamburger buns.?
In a global perspective, Cryan said the survey is good news for consumers, thanks to U.S. farmers and ranchers.
?Americans spend a smaller percentage of their income on food than people in any other country and that’s thanks to a vibrant farm sector, supported by a strong Farm Bill program,? Cryan said. ?And we should understand that when prices go up, it doesn’t mean farmers are getting a windfall. When prices go up, it’s usually because their costs have gone up, and farmers only get 14 percent of the retail food dollar.?
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