Inflation is the economic story of the year, and it doesn’t look to be going anywhere soon. Amid disruption to global supply chains and a period of unprecedented government spending, this year’s 4th of July cookout has been particularly expensive.
According to a survey from the American Farm Bureau Federation, the overall cost of an average 4th of July feast is up by a staggering 17 percent from 2021. This correlates to a significant increase in the cost of groceries in general.
Consumers are now paying significantly more for many 4th of July cookout favorites such as cheeseburgers, hot dogs, pork chops, strawberries, ice cream, and alcohol. For a summer cookout to serve 10 people, the increase translates to about $10.
The situation in 2022 is markedly different to that of the year before, when the White House put out a tweet crediting President Biden’s economic policies for a modest $0.16 decrease in the cost of the average Independence Day barbecue.
So what has happened since?
Inflation over the past year is the highest it has been for over four decades, fueled by an astronomical increase in the money supply since 2020. The effects of this monetary policy will be long-lasting and the consequences are yet to be fully realized.
An increase in the cost of specific materials is also compounding the cost of living crisis. The price of oil has increased dramatically with factors such as Vladimir Putin’s war of aggression in Ukraine contributing to a supply crisis.
All of this has a knock-on effect of driving up the costs of products that rely on oil during their production and distribution process. For the food industry specifically, the increased cost of farm supplies has created major challenges.
However, the foremost cause of the rising cost of enjoying a 4th of July cookout with friends and family remains the federal government’s irresponsible economic policies, not just over the past year but for decades.
For more content on the cost of living crisis, be sure to check out our video below on common myths about inflation.
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