Derek Saul is a New Jersey-based Senior Reporter on Forbes' news team. He graduated in 2021 from Duke University, where he majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper, joining Forbes soon thereafter.
Inflation may be more palatable than years past heading into this Memorial Day Weekend, but some of the most essential items for the unofficial kickoff of summer 2024 continue to burn a hole in Americans ’ wallets.Inflation is sure to be a topic of discussion at Memorial Day barbecues nationwide later this month, with inflation now running at a hard-to-stomach 6% annualized rate over the last three years after coming in at 3.4% in April.
Though inflation is far better than April 2023’s 4.9% and April 2022’s 8.3%, it’s far above the historical average of about 2%.Steaks are 7% more expensive than they were a year ago, sports tickets are 15% pricier, car insurance and car repairs are more than 10% costlier and vices are denting wallets more heavily, too, as beer is 10% more expensive and cigarettes are 7% more expensive, according to the federal government’s consumer price index.
In the U.S.’ ongoing bout of inflation, which began in the spring of 2021 and is the most painful stretch of price increases since the Carter Administration, activities associated with summer fun have been among the hardest hit by inflation. Plane tickets are 24% more expensive heading into summer 2024 than they were three years ago, gasoline is 28% more on average than it was in 2021, while cookout staples like meat , alcohol , and tobacco products are far more expensive than they were in recent years.We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.
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