New statistics from a poll conducted by the National Retail Federation (NRF) indicated that in 2023, the average consumer spent $93.34 on Fourth of July food products due to sustained inflation.
The amount represents a $9.22 rise from last year’s average individual cost of $84.12 and is the highest reported by the NRF when the study started in 2003.
According to a report, the mean cost of the Independence Day fare has increased yearly since 2014, when it was just $68.16 per person. Inflation in the United States reached a 40-year high in 2022, and the announcement arrives as the country continues to feel its effects.
Despite high inflation, the Biden administration had claimed that the price of a Fourth of July barbecue in 2021 would fall by $0.16 from the prior year, in 2020. In contrast, NRF discovered a price increase of over four dollars from 2020 to 2021.
The NRF study indicated that despite price increases, most people still intended to enjoy Independence Day this year.
According to the Bureau of Labor Statistics (BLS), the price of consumer food items increased by 10.9 percent between July 2021 and July 2022. This was the highest annual rise in food prices since May 1979. The Bureau of Labor Statistics reports that over the course of a year, prices for groceries rose 13.1 percent, while the cost of eating out increased by 7.9 percent.
AAA reports that motorists traveling for the Fourth of July vacation will enjoy slightly cheaper gas prices in most regions. More than 50 million people were expected to take trips in honor of the Fourth of July, with 43.2 million traveling by car. Since last week, the average price of a gallon of gasoline in the United States has dropped by four cents to $3.54.
AAA spokesman Andrew Gross noted that although gas prices are down $1.30/gal from last year, they are still way above average. Gas prices on July 4th ranged from a low of $1.39 in 2001 to a high of $4.10 in 2008.
