As millions of Americans across the U.S. get ready to fire up the grill over the July Fourth holiday weekend, they're likely to spend less at the checkout line this year.
All-American staples like hot dogs, hamburgers, pork ribs, and potato salad will cost 3% less this year compared to last, according to a recent survey by the American Farm Bureau Federation.
The survey estimated that the average cost of this summer's cookout for ten people will be around $55.84, or $5.58 per person. The survey was taken at local grocery stores across 30 states and factored in costs for items like condiments, side dishes, snacks, and beverages.
“Based on our survey, food prices overall appear to be fairly stable. Prices for beef have continued to increase this year, but prices for other meats are generally declining. Dairy product prices are also quite a bit lower,” said John Anderson, deputy chief economist at AFBF. Anderson added that although meat production is beginning to increase generally, beef prices have stabilized and pork prices have been in decline all year.
"Fuel and other energy prices have also generally been lower so far this year compared to last year," said Anderson. "This helps keep prices down on the more processed items in the basket. Energy is an important component of the final price for these products."
The American Farm Bureau Federation is the country's largest farm organization and has chapters in all 50 states and Puerto Rico. The cookout survey is part of a series which includes an annual Thanksgiving Dinner Cost Survey.