The grill is going to burn a bit hotter this year with overall protein prices up 12 to 15%. That according to the Wells Fargo July Fourth Food Inflation Report, which analyzed popular food categories for the American holiday and showed an overall 11% increase in food costs.
Karol Flynn, an industry advisor with Wells Fargo Food and Agribusiness, says if consumers want to stick to traditional burgers and hot dogs, look for frozen options, which may be lower cost than fresh meats. Also, comparatively, pork remains a value. Flynn gives the example of pork chops, which have only seen an average retail price increase of 3.1%.
Hot dog prices have increased 12%--with poultry based products increasing even more.
Additionally, chicken wing retail prices are up 34% and chicken breasts retail prices are up 24%.
For folks looking to go outside the box on their grill, Flynn offers shrimp as an option.
“There’s a unique situation with shrimp because demand was cut way back during COVID and the restaurant slow down. Also, most shrimp is imported, and with these currency valuation changes, it favors some imports,” she says.
Bread products and buns have also seen increased retail prices up 10% this year. Flynn notes this is a ripple effect from the war in Ukraine and its effect on the global wheat market.
The report’s analysis shows hosting a party of ten for the fourth of July holiday could cost 11% more in 2022 than it would have last year.
Other report highlights:
- Retail produce is up 7% year-over-year
- Tomatoes are only up 1%
- Avocados are up 24%, but California production should be increasing overall supply in the near-term
- Lemons are up 9%
- Ice cream is up 6%
- Sherbet, gelato and popsicles are down 4.5%
- Soda is up 13%
- Beer is up 25%
Hear the full interview with Flynn from AgriTalk: