After the Biden White House touted last year that Americans would save $0.16 on their 4th of July cookout, US consumers can expect to pay $10 more in 2022.
A summer cookout for ten people costs nearly $70 on average, or slightly less than $7 per person, the American Farm Bureau Federation observed on Monday.
The Biden administration earned ridicule last year after boasting about saving Americans $0.16 on their July 4th cookouts while prices rose across the country. Costs have only continued to increase since then.
An average cookout will now cost 17% more than last year. The most recent consumer price index shows that prices rose 8.6% in May from 12 months ago.
Americans had an expensive Memorial Day weekend as well with record gas prices and high food prices.
Like consumers, farmers are also suffering under inflation.
“Despite higher food prices, the supply chain disruptions and inflation have made farm supplies more expensive; like consumers, farmers are price-takers not price-makers,” American Farm Bureau Federation Chief Economist Roger Cryan said.
“Bottom line, in many cases the higher prices farmers are being paid aren’t covering the increase in their farm expenses. The cost of fuel is up and fertilizer prices have tripled,” he explained.