July 4, 2023
Mike Pearson tells us how high the grocery prices for this July 4th barbecue compared to years past.
Rabo Bank tallied the costs. The 2023 barbecue index shows us that it will cost $97 for 10 people to celebrate compared to $73 just five years ago.
The products taken the biggest hunk out of our budget is potatoes, buns and soda. It has increased over 40 percent over the past 4 years. The big prices jumps are in the processed foods which require the most labor.
Beef and beer are the next culprits. The high cost of beef is tied to the supply and demand for the project.
However, young consumers are willing to pay more for what is at the center of their plates. They are looking for the experience and are willing to pay for it.
Rabo Research also says that consumers can look for the beef prices to continue to heat up especially in the area of higher meat cuts and drinks.
The good news is that economic growth remains strong and at a higher rate than at the beginning of 2023 than estimates initially showed. Another bit of good news was that fewer people filed for unemployment benefits in June.
Mike Pearson's Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of
This Week in Agribusiness.
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