The Fed may tell you inflation is under control. And by most measures, it is. But don’t tell that to the millions of people who are planning to celebrate America’s Independence Day with a barbecue.
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FOX Business put together its own July Fourth bash, replete with classics like cheeseburgers, fun sides and, of course, beer. The tab will run you $70.60 for a party feeding about 12 people, a 2.7% jump from $68.73 last year. Meanwhile, hourly earnings have risen about 2% over the same time period, according to the Labor Department.
The good news: Potato chips and American cheese are much cheaper this year than last. The bad news: Ground beef and chicken breasts are significantly more expensive.
Here’s a look at the tab, compiled using Labor Department data from the month of May.
1. Good Ole Fashion Cheeseburgers
Cost: $26.36 (+3.7% from 2012)
Ingredients: Four Pounds of Ground Beef, Two Pounds of American Cheese and Two Pounds of White Bread, One-And-A-Half Pounds Romaine Lettuce
Ground Beef: $3.31 per pound (+10.6% from 2012)
American Cheese: $4.07 per pound (-3.6% from 2012)
White Bread: $3.31 per pound (-0.8% from 2012)
Romaine Lettuce: $1.46 per pound (+2.5% from 2012)
2. Chicken Breast with Fire Roasted Tomatoes
Cost: $18.08 (+8.7% from 2012)
Ingredients: Four Pounds Boneless Chicken Breast, Three Pounds Field Grown Tomatoes
Boneless Chicken Breast: $3.43 per pound (+9.8% from 2012)
Field Grown Tomatoes: $1.45 per pound (+8.8% from 2012)
3. Potato Chips
Cost: $9.02 (-13.3% from 2012)
Ingredients: Two 16 Ounce Bags
Potato Chips: $4.51 for a 16 ounce bag (-13.3% from 2012)
4. Adam’s Famous Fruit Salad
Cost: $7.04 (+3.3% from 2012)
Ingredients: Three Pounds Navel Oranges, Two 12 Ounce Strawberry Baskets, One Pound Bananas
Navel Oranges: $1.05 per pound (+8.3% from 2012)
Strawberries: $1.65 per 12 ounce basket (-0.04% from 2012)
Bananas: 60 cents per pound (+0.07% from 2012)
5. Ice Cold Beers
Cost: $10.10 (+4.7% from 2012)
Ingredients: Eight 16 ounce beers.
Beer: $1.26 per 16 ounce bottle (+4.7% from 2012)