Food prices for Fourth of July favorites, experts share the best savings on burgers and more
Food prices for Fourth of July favorites, experts share the best savings on burgers and more
The Wells Fargo Agri-Food Institute released its annual report ahead of July 4.
ByKelly McCarthy
June 26, 2024, 9:47 AM
It's almost Independence Day in the United States, and if you're making a trip to the grocery store to prep for any Fourth of July food-related festivities, experts have shared new pricing data on some of the most popular products to help you plan ahead.
Wells Fargo's Agri-Food Institute has released its annual Fourth of July Food Report, which calculated costs on hot ticket items for backyard get-togethers like hamburgers, which are actually three times cheaper than dining out this year.
With the worst of food inflation in the rear view for now, the mid-June 2024 Consumer Price Index showed "Food at Home" -- think groceries -- only rose by 1% compared to the "Food Away from Home" category, which rose by 4%.
Cornbread, corn and burgers on 4th of July picnic in patriotic theme in this undated stock photo.STOCK PHOTO/Getty Images
How to save on food this Fourth of July
The Agri-Food Institute experts found that the cost savings are substantial when comparing the price for ingredients to make a home-cooked quarter-pound hamburger versus the average cost of popular fast-food restaurant quarter-pound burgers.
"The current cost of ingredients to prepare a quarter pound hamburger with cheese, tomato and lettuce at home is $2.16 per burger," the report stated. "For a party of 10, the home chef will save nearly $50 -- $47.90, to be exact -- on burgers by firing up the grill."
Patriotic traditional foods of the 4th of July including, hamburger and corn in this undated stock photo.STOCK PHOTO/Getty Images
The report also looked at side dishes along with other foods that make a great cookout menu.
If prepping potato salad at home, white potatoes are approximately $0.96 per pound, which is a 4.4% drop since last year, according to the Bureau of Labor Statistics.
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Although the price for potato chips has increased 2.7% since this time last year, the experts at Wells Fargo said "they are still a good buy for appetizers and a side for burgers."
Salsa prices are up 2.5% from a year ago, but guacamole has dropped by 1.1%, so tortilla chips and guacamole are a smart snack choice for celebrations this year.
You can't have a barbecue without something to drink, and with bottled iced tea prices up nearly 2.4%, which is in line with many other types of beverages, preparing a large batch of tea at home will help you save big -- plus it helps reduce packaging waste.