#July 4th BBQ will cost you more, again. Advice? Eggs, chicken over sirloin steak. [Video]

The traditional July 4th barbecue is once again going to cost you more this year, according to the latest report from Wells Fargo.

Here’s the deal: The price of sirloin steak, for instance, is up 2.9% compared with the same time last year, Wells Fargo (WFC) said, citing the Bureau of Labor Statistics’ (BLS) May Consumer Price Index (CPI). That’s a big-ticket item for Americans at $10.75 per pound. The good news: That’s far less than July 4th, 2022, BBQ season, when sirloin steak jumped 14% in May compared to the same time in 2021.

You might get a better deal with hamburgers, per Wells Fargo. Ground beef is up less than 1% with an average cost of $5.36 per pound.

Pork and chicken are also in the bang-for-your-buck category. Pork is up only 1%, coming in at $4.19 per pound. The cost of chicken breasts, on the other hand, saw prices actually decline, down 2% on a year-over-year basis, costing Americans $4.24 per pound.

“If you want to stretch the food dollar, chicken is going to be the protein that’s going to let you really make that happen,” Wells Fargo agricultural economist Michael Swanson told Yahoo Finance.

Another bargain: eggs. Think egg salad, potato salad, and deviled eggs. Swanson called egg prices “a remarkable reversal in that volatility.”

As of May 2023, the cost of a dozen large grade-A eggs was $2.67, 7% lower than a year ago. That’s also compared to $4.82 back in January of this year, Swanson added, “The Avian Influenza shock has just about left the stage.”

Toppings? They’ll cost more too.

The cheese for your Fourth of July cheeseburger costs 10% more than last year with an average price of $4.77 per pound. Hamburger and hot dog buns? The news isn’t good for roll fans — flour costs 22% more going into July 4th. As of May this year, bread per pound costs $1.95. (A year ago: $1.61.)

What’s behind the higher prices? Swanson said it’s the “driver who rushes them from the bakery to the store when they’re still fresh.”

“It’s really been a lot about labor and that transportation cost, which has really been tough on them [companies], but it is very, very sticky…”

On the side, potato chips cost more year-over-year, up 15% from this time last year, coming in at $6.45 per pound. Back in May 2022, the same amount cost consumers $5.62 per pound. The reason behind the jump, Swanson said, is the drought in Idaho and the Dakotas last year that led to “record high potato prices. Prices we’ve never even seen before.”

Meanwhile, If you’re topping off your meal with dessert — and who isn’t — prices won’t be sweet.

A pound of chocolate chip cookies costs Americans $5.15. That’s about 14% higher than in May of last year.

Ice cream is also feeling the impact of inflation, up 9% from a year ago, with an average price of $5.81 for a half gallon. High future contracts made by companies is the reason behind the higher price, “They’re dealing with the fact that they had to contract the butter, fat that goes into that ice cream… [about] three months ago, to make sure that it was ready to go for the Fourth of July,” said Swanson.

Drinks haven’t escaped the wrath of inflation, largely because packaging, particularly aluminum, is driving up the cost of canned sodas and beer. For instance, a 12-ounce soft drink currently costs $0.54, up 14% from last year, while beer prices spiked 8% to $1.75 per pint. (Advice to save money: Grab a bottle of Barefoot rosé wine and make sangria for your guests over canned, ready-to-drink beers and cocktails.)

Relief should be on the way soon though, slowly. Earlier this month, the White House published a blog post saying that it expects, “grocery inflation to continue improving alongside headline inflation but remain elevated relative to its pre-pandemic levels through the rest of 2023.”

In other words, things should be better in time for BBQ season next year.

—

Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube