Food inflation for Super Bowl staples squeezing consumer wallets
Due to inflation, poultry has seen an increase in cost of more than 9%
Super Bowl staples such as wings and pizza are hiking up prices amid inflation. FOX Business’ Madison Alworth with more.
Super Bowl staples such as wings and pizza are the latest products taking a hit in the U.S. economy ahead of game day.
Due to inflation, consumers will see a hike in prices as they set up for the most expensive Super Bowl party spread in 40 years.
Non-alcoholic drinks, meats, and poultry are a few items that have seen an increase in cost from January 2021 to January 2022, according to the Consumer Price Index.
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For example, soda has jumped 5%, meats skyrocketed more than 13%, and poultry has seen an increase in cost of more than 9%.
FAT Brands Inc. CEO Andrew Wiederhorn argues that he’s ‘hopeful’ chicken wing prices will go down after the Super Bowl and discusses how inflation is impacting the restaurant industry.
FOX Business' Madison Alworth spoke with the co-owner of Dan & John’s Wings in New York City, and he discussed how inflation has impacted his business ahead of Super Bowl Sunday.
Dec 10, 2020; Inglewood, California, USA; A Vince Lombardi trophy is seen outside SoFi Stadium. The stadium will host Super Bowl LVI in 2022. Kirby Lee-USA TODAY Sports
"We've seen a huge increase upwards of four times our initial cost," John Henninger told "Cavuto: Coast to Coast," Thursday. "We've had to just raise our prices. There's nothing else we can do."
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Dan & John’s Wings sold their 50 set of chicken wings for $65 in 2021. They have raised their costs to $99.99 due to the inflation that continues to wreak havoc on the U.S. economy.
He mentioned he’s received "a bit of backlash" from his customers, however, most people are understanding of supply chain concerns and cost of goods overall.
A plate of buffalo style chicken wings with celery and blue cheese with a beer on a bar or restaurant table. (iStock)
Meanwhile, consumers can also expect to pay more for their Super Bowl chips n’ dip, as the cost of avocados has increased drastically over the year.
Super Bowl fans will pay extra to make a guacamole dip with avocado prices jumping up significantly to 59%. In 2021, avocados were on the shelves for less than a dollar at $0.78 apiece, and now consumers are paying $1.24 each.
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Despite inflation tackling Super Bowl party costs, Fat Brands CEO Andrew Wiederhorn says he expects chicken wing prices to decline after game day.
"We're not quite seeing the same level of price increases [but] we're certainly feeling the…inflation," Wiederhorn noted. "The good news is we actually see chicken prices coming down post-Super Bowl, so that's exciting."