New data indicates that American families' typical Fourth of July barbecue expenditures are projected to reach an all-time high, adding inflation worries to the holiday season.

Summer cookout essentials, such as burgers, chicken, pork chops, potato salad, and so on, will cost $71.22 for a gathering of 10 people. That figure is up by 5.2% from last year and 30% from five years ago, according to this year's American Farm Bureau Fourth of July market basket survey. The amount has surpassed $7 per person for the first time ever.

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Inflation and Other Price-Raising Variables

The food price for Independence Day is consistent with the higher inflation that has affected customers in the last year.

In a report by The Hill, the experts at the Farm Bureau have estimated that 2 pounds of ground beef would cost $12.77 on average, an increase of around $1, or 11%, compared to last year. And that is happening even if more fed animals are in the supply chain this spring compared to last.

Although the total number of cattle in inventory is at a 73-year low, the amount of beef kept in cold storage has been at record lows in recent years, per the bureau's estimations.

Other regulations have impacted supply, such as Proposition 12 in California, which mandates a certain quantity of area for animals to graze. However, as the agency stated, the legislation was not comprehensively implemented prior to this year.

As a result of the shift, the price of pork chops has risen by 8% nationwide, or about $15.49 for 3 pounds, compared to last year.

More than 40 cattle herds nationwide were infected with the contagious avian flu (bird flu) virus, another contributing cause. Poultry and egg costs have risen in part because of the bird flu.

Additionally, researchers highlighted the decline in agricultural revenue, which fell by 17% in the previous year. Experts predict that there will be another 25% decline in 2024. Farmers and ranchers reportedly face many risks to their bottom line due to factors like unpredictable weather and changing commodity prices.

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