Even America’s coveted “Big Day” can’t escape the jab of pesky inflation.
This fourth of July, consumers may need to spend a little more cash on their cookout essentials as they prepare to celebrate with family and friends. That’s because food staples, such as hotdogs and beer, will be pricier, according to data compiled by WalletHub.
That means consumers will have to be more discerning with what they choose to spend money on, according to John Gaski, a former marketing professor at the University of Notre Dame.
Gaski, who helped conduct the annual study, said that the biggest 4th of July money-wasters include “spending money on anything that is non-essential.”
Nonetheless, consumers will be forking out hefty amounts of money to commemorate the red-white-and blue holiday. According to WalletHub, Americans will spend roughly $9.4 billion in total on food this July 4. Here’s how much the prices of certain foods have increased since last year’s celebrations.
Fourth of July Food Costs
- Hotdogs: +7.3%
- Beef: +5.7%
- Tomatoes: +3.9%
- Beer: +3.1%
- Soda: +2.3%
- Wine: +1.6%
- Whole Chicken: +1.5%
- Bakery Items:+1.0%
- Ice Cream: +1.0%
- Breakfast Sausage: +0.8%