This July 4th, Don’t Forget to Celebrate America’s Record-Breaking Inflation Prices 🇺🇸
Wells Fargo broke down some of the biggest cost increases in a blog post.
Americans traditionally celebrate the holiday with their families & friends with barbeques, fireworks, or a beach day. The summertime feast typically features items like burgers, hot dogs, booze, and frozen treats.
Cheers to Price Increases! 🍻
But thanks to inflation, purchasing classic Independence Day staples could leave consumers feeling like a round of firecrackers just went off in their wallets.
Wells Fargo sector analyst Karol Aure-Flynn recently broke down the latest price increases in a blog post for the bank, finding that a cookout for 10 could spike in price by 11% year over year.
1. Beef: Up 11.8%
2. Chicken: 24%
Chicken breasts have increased by 24% and wings have skyrocketed by an astounding 38%
3. Beer: Up nearly 25%
The cost of beer is up nearly 25% over last year whereas wine has only seen a 5.8% increase.
4. Pretzels: Up 5%.
5. Water: Up 9%
Water is up more than 9% and energy drinks have increased by 3%.
6. Condiments
Mayonnaise, ketchup, and mustard have all increased in price due to the rising costs of raw ingredients.
7. Buns: Up 10%
According to Wells Fargo, hamburger and hot dog buns have increased by 10% since last year, partly due to the war in Ukraine. The nation is a major grain producer.
8. Soda: Up 13%
Wells Fargo revealed that national-brand sodas increased 13% in price since 2021.
9. Pork: Up 3.1%
According to Wells Fargo, swapping out burgers for pork chops could be a money-saving move this Independence Day. The bank found that prices for pork are up 3.1%, far less than other proteins.
10. Ice cream: Up 6%
According to Wells Fargo, ice cream prices increased by 6% over the last year. On the bright side, you can opt for non-dairy desserts, such as sherbet, gelato, and popsicles, which dropped in cost by 4.5% according to the bank.
11. Hot dogs: Up More Than 12%
Last year, hot dog prices went up around the Fourth of July. And this year, it’s the same story for frankfurters. Wells Fargo estimated that hot dog costs jumped more than 12% this year.
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