Food Prices Spike Ahead of Independence Day

Indiana shoppers are facing slightly higher prices as they prepare for Fourth of July cookouts. According to the Indiana Farm Bureau's annual summer cookout market basket survey, the average cost for a cookout feeding 10 people is $71.49, or $7.15 per person—up 5% from last year.

Indiana's price is about 1% higher than the national average of $7.09 per person. INFB Chief Economist Dr. Todd Davis explained, "Inflation is slowing slightly, prices are leveling out, chain issues that have been prevalent for the last few years are slowly getting worked out, so we are seeing just a slight increase in prices compared to the last few years here in Indiana."

The total market basket includes items like ground beef, cheese, pork chops, and ice cream, with ice cream and strawberries seeing the largest price jumps at 31% and 19%, respectively.

Most items in Indiana were comparable to national averages, with hamburger buns and lemonade about 8% cheaper locally. Ground beef and pork chops were also found to be more affordable.

“Look for bargains on the protein side,” Davis advised. He noted an increase in pork availability could lead to lower prices at the supermarket, while ground beef prices have remained stable.

Despite rising costs, only 16 cents of every food dollar spent returns to farmers, with the rest covering processing, transportation, and distribution. Janis Highley, INFB 2nd vice president, said, "Farmers are price takers, not makers. Margins are still tight for farmers due to high supply costs because the amount farmers are being paid isn’t covering that increase in expenses."

The INFB summer cookout market basket survey was completed by volunteers who collected prices from local grocery stores. This survey coincided with a national survey by the American Farm Bureau Federation.