High inflation is making your Memorial Day barbecue more expensive
Is Inflation Ruining Memorial Day BBQs?
High inflation is impacting the cost of Memorial Day barbecues, with essentials like beef, hot dogs, and beer seeing price increases. A WalletHub analysis reveals that the average cookout cost is up by 10% from last year, now averaging around $30. Despite a slight decrease in hot dog prices, other items like condiments and carbonated drinks have become more expensive.
Inflation continues to strain U.S. households, with grocery and shelter costs significantly up since 2021. The financial burden is particularly harsh on lower-income families, who spend a larger portion of their income on necessities. Overall, households are facing an increased monthly expenditure due to persistent high inflation rates, well above the Federal Reserve's 2% target.
What is the projected cost of a typical Memorial Day cookout this year according to the WalletHub analysis?
The projected cost of a typical Memorial Day cookout this year is about $30, according to the WalletHub analysis. This represents a 10% increase compared to the cost in 2023. The increase is driven by the rising prices of barbecue staples such as ground beef, hot dogs, steak, and beer.
What is the current rate of inflation as reported, and how does it compare to the Federal Reserve's target?
The current rate of inflation, as reported in the original news, is not explicitly mentioned. However, it states that inflation has fallen considerably from a peak of 9.1% in June 2022 and is up a stunning 19.4% when compared to January 2021. The Federal Reserve's target inflation rate is 2%.