Prices have dramatically eased since the soaring inflation this time last year — but it's still a mixed picnic basket for Independence Day.
Americans have been feeling the burn from inflation – but it's not dampening their celebrations heading into the Fourth of July holiday weekend. Prices have dramatically eased since the soaring inflation this time last year — but it's still a mixed picnic basket for Independence Day.
Sirloin steak costs $10.75 per pound, up 2.9% from a year ago, according to the Wells Fargo Fourth of July Food Report, which Swanson wrote. But the heat is down from last summer, when it hit 14%. If the protein of choice is a hamburger, the average cost of ground beef per pound is currently $5.36 – up less than 1% from a year ago. The inflation rate for beef last year: 16%.
"Dairy is probably still one of the highest inflation buckets that we have currently, but when you look at what the dairymen are being paid right now for their milk as they deliver it to the factories — turned into cheese or ice cream — it's dropped," Swanson said. He expects dairy prices to go down quickly over the next few months.
And while most food prices remain up for July Fourth, 4 million more Americans are employed than a year ago, making for an easier time in the checkout line.AAA projects a record 50.7 million Americans plan to travel 50 miles or more from home this Fourth of July weekend. That's up 2.1 million people for the holiday compared with 2022 and breaks the previous record set in 2019 before the pandemic.
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