Grilling Galore: Savvy Cookout Strategies for a Wallet-Friendly Fourth

As the nation gears up for the Fourth of July celebrations, grilling enthusiasts can rejoice in the prospect of hosting a cookout that may cost less than it did in 2023. The latest data from the Consumer Price Index (CPI) suggests a shift in the cost landscape, with Food at Home prices rising by a modest 1% compared to a steeper 5.9% increase last year. Meanwhile, the CPI for Food Away from Home has climbed by 4%, underscoring the potential savings for those willing to fire up the grill and prepare their own Independence Day feast.

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Burgers: The Grill's Shining Star

The report from Wells Fargo's Agri-Food Institute reveals a significant disparity between the cost of homemade burgers and their fast-food counterparts. Preparing a quarter-pound hamburger with cheese, tomato, and lettuce at home costs a mere $2.15, while the average price of a similar burger from popular quick-service restaurants (QSRs) like McDonald's, Five Guys, and Smash Burger stands at $6.95. This translates to a staggering 3-fold savings for a party of 10, with the home chef saving nearly $50 by opting to fire up the grill and experiment with the season's top cookout trends."Without question, the greatest savings this year will be realized by those who build burgers and fixings at home," said Dr. Michael Swanson, report author and Chief Agricultural Economist at Wells Fargo Agri-Food Institute. "That said, there is hope for the consumer who needs to capitalize on convenience, since a number of the most popular fast-food restaurants are rolling out 'value deals' as restaurants fight for consumer dollars."

Potato Salad: A Budget-Friendly Side Dish

Potato salad, a quintessential Fourth of July side dish, is also a cost-effective option this year. According to the Bureau of Labor Statistics, white potatoes can be found across the nation for $0.96 per pound, a 4.4% decrease from the previous year. For those seeking a more convenient option, supermarket prices for pre-made potato salad have also decreased by 0.7% compared to a year ago.In contrast, the price of potato chips has increased by 2.7% year-over-year. In the dip department, salsa prices have risen by 2.5%, while guacamole has seen a 1.1% decrease, making it a smart snack choice for this year's celebration."Given the total cost of a bag of chips, they are still a good buy for appetizers and a side for burgers," said Swanson. "Tortilla chips and guacamole will also be a smart snack choice for this year's celebration."

Beverage Bargains: Quenching Thirst without Breaking the Bank

The beverage landscape for the Fourth of July cookout presents a mixed bag of price trends. Ready-to-drink bottled iced tea prices have risen by 2.4%, in line with the overall beverage category. Beer prices continue to climb at a 1.2% rate, while wine has seen a 3.4% increase from a year ago.In the soft drink category, the cost of 12-ounce cans has risen by 4.8% due to the inflated price of aluminum. However, two-liter bottles of soda have seen a 6.5% decrease, offering a more budget-friendly option for thrifty cookout hosts."Thrifty cookout hosts can prepare iced tea at home and stock up on 2-liter bottles of soda and cups to save money," Swanson noted.

Dessert Dilemma: Balancing Indulgence and Affordability

The sweet treats that often grace Fourth of July celebrations come with a slightly higher price tag this year. Ice cream prices have increased by 3.3% year-over-year, while the cost of grab-and-go bakery items, such as cakes and cupcakes, have also risen, with cakes up 1.6% and cupcakes climbing a significant 5.6%."This reflects the increasing wage rates that bakeries and supermarkets continue to face," Swanson explained. "Even though cake mixes are up 6.6%, there's still opportunity to give your wallet some relief by employing your baking skills since most other ingredients are already in your pantry and refrigerator."By embracing a mix of homemade and strategic store-bought options, cookout hosts can strike a balance between indulgence and affordability, ensuring that their Fourth of July celebration is both delicious and budget-friendly.