As the time for Fourth of July cookouts rolls around, a new report suggests that although grocery store prices continue to rise, they are going up at a slower rate than they did last year.
A new report from the Wells Fargo Agri-Food Institute revealed some trends about the price of food as people prepare for Independence Day cookouts.
The price for a sirloin steak is $10.75 a pound, which is a 2.9% increase from last year, compared to a 14% increase the year before, according to the report, which uses Bureau of Labor Statistics data. Ground beef is $5.36 a pound, which is up less than 1% from last year, compared to a 16% increase the year before.
Kenrick Thomas, a senior communications consultant at Wells Fargo, said that people should take advantage of the favorable meat prices and go for the classic hamburger for the celebration.
For those who prefer chicken breast, those prices have fallen almost 2% from last year, selling at $4.24 a pound, the report said.
Despite the favorable changes in meat prices, some side items and desserts are increasing in price by more sizeable amounts.
According to the report, the cost of cheese for a burger is up 10% from last year at $4.77 a pound. The cost of bread has climbed 22% to $1.95 a pound.
The price of ice cream went up 9% to reach $5.81, and chocolate chip cookies will cost 14% more than last year at $5.15 a pound.
Thomas also suggested shoppers pick two-liter soda bottles and consider frozen, non-dairy desserts over ice cream and baked goods.