Burger Prices Down
Americans are expected to consume more than 375-million burgers on this 4th of July alone. And the price of the bacon cheeseburger many Americans will grill over the whole summer will cost us a little less than it did last summer.
Matt MacLachlan is an economist with the USDA and says if you make your own at home the average price will seem reasonable compared to the pandemic summer.
MacLachlan: “The price of beef increased a huge amount. You had slaughter plant closures, some supply chain disruptions. This year we are looking at a quarter pound of ground beef costing about $1.02, whereas last year it cost about $1.12.
This is going to be a quarter pounder or 4 ounces of ground beef, one ounce of cheese, an ounce of iceberg lettuce, 2 ounces of tomato, and 2 ounces of bread. The total price is going to be lower.”
Plus a little bacon.
Last year that bacon cheeseburger would have cost $2.35, up from $2.11 in 2019. This summer that burger will cost $2.28.
That price might have been lower except that bacon prices are up about 13% from a year ago.
More Americans will likely be grilling at home this summer as the consumer price index for food away from home in May rose 4.% over the last year. The index for limited-service meals rose more than 6% since May 2020. The index for full-service meals rose more than 4% over the last 12 months - the largest 12-month increase since the period ending October 2008.