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(NEW YORK) — With U.S. Independence Day fast approaching, if you’re planning on heading to the grocery store for your Fourth of July food-related celebrations, experts are sharing new pricing data on the most popular products to help you plan ahead.
Wells Fargo’s Agriculture and Food Research Institute released its annual Independence Day Food Report, calculating the cost of popular backyard get-together foods like burgers, which this year turned out to be a whopping three times cheaper than eating out.
The worst of food inflation is now behind us, with the mid-June 2024 Consumer Price Index showing that “food at home” (i.e. groceries) had risen by just 1%, while the “eating out” category had risen by 4%.
How to save money on food for the 4th of July
Experts at the Agriculture and Food Institute found that when comparing the cost of ingredients to make a quarter-pound hamburger cooked at home with the average price of a quarter-pound hamburger from a popular fast-food restaurant, the cost savings were substantial.
“The current cost of ingredients for a quarter-pound hamburger with cheese, tomato, and lettuce cooked at home is $2.16 per burger,” the report states. “For a party of 10, cooking on a grill could save a home chef about $50 on burgers, $47.90 to be exact.”
The report also explored side dishes and other foods that can be used to create a great barbecue menu.
If you’re making potato salad at home, white potatoes will cost about $0.96 per pound, down 4.4 percent from last year, according to the Bureau of Labor Statistics.
While potato chip prices are up 2.7% compared to this time last year, Wells Fargo experts say they “still make a good deal as an appetizer or burger side.”
The price of salsa increased 2.5% year-over-year, while guacamole fell 1.1%, making tortilla chips and guacamole a smart choice for festive snacking this year.
You can’t have a barbecue without a drink, and with the price of bottled iced tea rising by nearly 2.4%, along with many other drinks, preparing large quantities of tea at home can not only save you a lot of money, but it can also help reduce packaging waste.
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