(The Center Square) \u2013 If you plan on holding a July 4 cookout this weekend, expect to pay a lot more than what you paid for last year\u2019s meal.<\/p>\n\n\n\n
According to the American Farm Bureau Federation marketbasket survey, the overall cost for the Independence Day cookout is up 17%, or about $10 from last year. Ongoing supply chain disruptions, inflation tied in part to increased government spending, and the war in Ukraine are being blamed for the price hikes.<\/p>\n\n\n\n
Illinois Farm Bureau economist Mike Doherty said every ag economist in the country is startled at the skyrocketing prices<\/a> of food.<\/p>\n\n\n\n \u201cBecause throughout our careers, food prices<\/a> hardly went up at all year-to-year, three to four percent, then suddenly they are going to 10 and 17 percent for beef prices, so yes, it\u2019s been a shock,\u201d Doherty said.<\/p>\n\n\n\n Ground beef, a grilling staple, has experienced the largest jump in price at 36%. Doherty believes beef exports are one of the factors.<\/p>\n\n\n\n \u201cU.S. consumers, to some extent, are competing against Japanese and Chinese consumers who have been increasing their beef consumption for quite a while,\u201d Doherty said.<\/p>\n\n\n\n The Agriculture Department\u2019s Producer Price Index<\/a> indicates that compared to a year ago, farm-level cattle prices are up 17.5 %, while wholesale beef prices are down 14%. The report notes the discrepancy highlights the differences between farm-level, wholesale and retail beef prices and how the events of the last few years have had significant impacts on beef production.<\/p>\n\n\n\n If the price of beef steers people to other options, there isn\u2019t much relief. The price of chicken breasts and pork chops are both up over 30% from last year. Even the price of sides are more expensive, with pork and beans up 33%, and potato salad up 19%.<\/p>\n\n\n\n Tammy Batson from the Northern Illinois University Department of Economics is not too optimistic food prices<\/a> will return to normal.<\/p>\n\n\n\n \u201cDo I think a lot of the new prices are here to stay? I do think so,\u201d Batson said. \u201cI don\u2019t see a lot of drop in prices coming ahead.\u201d<\/p>\n\n\n\n