It is hard to believe that June is already over, and summer is in full swing. Independence Day is upon us, a time for us to remember and reflect on our nation’s founding and the hope of freedom that America offers. Unfortunately, Americans today are not free from rising costs.   

The price of many items, essential for July 4th travels and celebrations, have increased from 2023, as shown through the tracker below. 

Let’s not forget that 2023 prices were up from 2022 and up significantly from 2021. Overall prices are up at least 20% since President Biden took office.

Several surveys reflect these surging costs, as evident from the Consumer Price Index. This year’s American Farm Bureau Fourth of July market survey tracks the average cost of a Fourth of July cookout for 10. Some items for the cookout include cheeseburgers, homemade potato salad, fresh-squeezed lemonade, and ice cream. 

  • In 2022, the cost of a cookout for 10 was $69.68. 
  • In 2023, it was $67.73.
  • In 2024, it is $71.22. 
  • This year’s cost ($7.12 per person) is up 5% from last year and up 30% from five years ago.  

Another index, the 2024 Rabobank BBQ Index, found that a 10-person barbecue will cost $99, the highest on record. The Index also reported this fascinating statistic: “The average American has to work an hour to earn enough money for a six-pack of beer and a burger today, up from 51 minutes in 2019 … And they’ll have to work nine hours to pay for a barbecue this year, up 32% since 2019.”

Nearly half of the meal’s cost can be attributed to meat increases—with beef experiencing the greatest inflation. The survey found that buying two pounds of ground beef would cost 11% more than last year. Because of this, a party of 10 would save $47.90 by grilling burgers at home rather than eating out at a fast food restaurant. Eating at home would be three times cheaper than dining out.   

Homemade lemonade also had a noticeable increase (12% or $4.19 total for 2.5 quarts), and a large bag of chips rose by 8%.   

Food and drinks are not the only commodities to rise in cost this summer. The Energy Information Administration estimates that the average monthly residential power bill will soar to $173 (a 3% increase from last summer) in June, July, and August.  

No wonder recent polling in swing states found nearly half of voters believed inflation and increasing costs were the most important issue facing the United States. Everyone is trying to find bargains and cut costs where they can. Gen Z and millennial consumers, especially, aim to save by decreasing the quantity or package size of the items on their grocery list.  

These rising costs across the board did not come out of nowhere. Enormous federal spending, especially through the American Rescue Plan, propelled inflation increases starting in the spring of 2021. To keep Americans free from inflation, the federal government must decrease this massive spending and cut the regulations that increase costs for businesses.  

How are rising costs hurting your Fourth of July plans? Tell us your inflation story HERE