TRENTON, NJ – Have you seen the food prices lately? They’re out of control. Political talking heads will try to tell you that America is recovering from record breaking inflation and sharp increases in the cost to feed your family, but New Jersey is now bracing for one of the most expensive Memorial Day BBQ’s ever.
The statistics come direclty from the federal government report released this week.
Memorial Day BBQ Costs Continue to Rise Amid Persistent Inflation
As Americans gear up for Memorial Day celebrations, many are feeling the pinch of rising food prices, marking the fourth consecutive year of substantial increases under President Joe Biden’s administration. The Consumer Price Index (CPI) for March 2024 showed a modest 0.6 percent increase from the previous month, with an annual rise of 3.5 percent, reflecting ongoing economic inflation.
Specifically, food prices have continued their upward trajectory, with an overall increase of 2.2 percent compared to March 2023. The CPI for food purchased for home consumption, a critical category for those planning holiday barbecues, saw a 1.2 percent increase over the past year. Meanwhile, restaurant food prices climbed even higher, with a 4.2 percent year-over-year increase.
Three Year Trend of Inflation and Growing Food Costs for Americans
This trend is not new; food prices have been on a steep incline in recent years, exacerbated by various global and domestic factors. In 2020, the onset of the COVID-19 pandemic led to a sharp 3.5 percent rise in grocery prices, closely followed by restaurant prices. The situation worsened in 2021 with an overall food price increase of 3.9 percent. By 2022, the rate had surged to 9.9 percent, the fastest annual increase since 1979, propelled by challenges such as the Highly Pathogenic Avian Influenza affecting poultry and egg prices and the conflict in Ukraine amplifying other inflationary pressures.
Although 2023 saw a slight deceleration to a 5.8 percent increase in food prices, the cumulative effect continues to impact budgets. Predictions for 2024 suggest a relative easing, with food prices expected to rise by an average of 2.2 percent. However, with food-at-home prices anticipated to increase by 1.2 percent and dining-out costs possibly climbing by up to 5.1 percent, consumers are unlikely to see significant relief soon.
As Memorial Day approaches, the repeated rise in the cost of essentials like meats, poultry, and other barbecue staples poses challenges for consumers aiming to maintain traditional festivities amid tightening budgets.