BUFFALO, N.Y. — Whether you're traveling for the holiday weekend or staying home and cooking out, economists say expect to spend a pretty penny this Independence Day weekend.
According to the American Farm Bureau Federation (AFBF), estimate that the cost of cookouts, featuring all the go-to favorites like hot dogs and hamburgers, will be up 17 percent from last year.
In comparison, the AFBF estimates that on average, the cost of a July 4th cookout for 10 in last year was $59.50. This year, it's $69.68.
Professor Fred Floss teaches Economics & Finance at Buffalo State College about this.
"The big expense actually has been chicken," Floss said. "And the reason chickens spin down is that a lot of the processing plants in the Midwest have had problems and have shut down, so there's a shortage of chicken, particularly for this holiday."
As for some of the other cookout favorites, Floss says, hot dogs and hamburgers are up roughly 10 percent. Chicken wings, however, are up 50 percent.
But there is some good news.
"Potato salad hasn't gone up that much. Beer and wine have gone up about only one or 2%," Floss said. "So, depending on what you buy, you may have a lot more expenses for your holiday party."
What are some ways to save?
Floss says consider doing things such as adding fillers to your meat and making more from scratch versus buying pre-made.
"Putting a little bit of oatmeal or a little bit of bread crumbs, even some onions and peppers in your hamburgers stretches that meat out and makes it a lot cheaper per person, so there are ways of getting around this," Floss said.
And if you're considering traveling, why not consider taking the family to a public park for a barbecue?
Bottom line, Floss says, the fluctuation in inflation has definitely been a challenge. While we're slowly moving out of the pandemic and toward a new equilibrium the best advice is to shop smart until prices go down.
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