High inflation is making your Memorial Day barbecue more expensive
Cookout staples like beef and hot dogs are more expensive this Memorial Day
Lower-income Americans are still struggling with high inflation, analyst says
Bolvin Wealth Management Group President Gina Bolvin discusses the move in commodities, expected inflation data, the housing industry and her outlook for consumers.
Planning to have a barbecue over Memorial Day weekend this year?
Prepare to shell out more money than in years past.
A new analysis published by WalletHub found the typical Memorial Day cookout this year will cost about $30, a 10% spike when compared to 2023. Driving the increase are a number of barbecue staples, including ground beef, hot dogs, steak and beer, according to a FOX Business analysis of Labor Department data.
The cost of steaks jumped 0.3% in April and is up 6.5% compared to the same time last year. Ground beef prices also rose 0.3% in April and are 6% more expensive than a year ago.
INFLATION INCREASES 3.4% IN APRIL AS PRICES REMAIN ELEVATED
A family hosts a barbecue in the backyard of their home. (iStock / iStock)
Beer prices, meanwhile, surged 0.7% in April and are up 3% from a year ago. Only hot dog prices inched lower in April, falling by 1.1%. However, they remain 7.1% more expensive than last year.
Americans can also expect to pay more for any condiments they use during their barbecue, with prices rising 1.5% in April from the previous month. Condiments cost 3.6% more than they did just one year ago.
More than half of Americans plan to have a barbecue this year, according to the WalletHub study.
HIGH INFLATION IS CHANGING THE WAY AMERICANS RETIRE
Inflation has also hit carbonated drinks, the cost of which jumped 1.2% last month. Soda prices are up about 4.1% from the same time last year.
While inflation has fallen considerably from a peak of 9.1% in June 2022, it remains well above the Federal Reserve's 2% goal. On top of that, inflation is up a stunning 19.4% when compared to January 2021, shortly before the inflation crisis began.
High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Grocery prices are up more than 21% from the start of 2021, while shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4.%.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Price hikes are particularly devastating for lower-income Americans because they tend to spend more of their already-stretched paycheck on necessities and have less flexibility to save money.
The typical U.S. household needed to pay $227 more a month in March to purchase the same goods and services it did one year ago because of high inflation. Americans are paying on average $784 more each month compared to the same time two years ago and $1,069 more compared to three years ago.