A RECENT study revealed that families could pay as little as $2.16 per person to eat on the 4th of July.
Wells Fargo analysts found that shoppers could save substantial amounts by cooking at home rather than eating out on the upcoming holiday.
In a report led by Dr. Michael Swanson, chief agricultural economist, the company analyzes the price of ingredients to make quarter-pound burgers.
The researchers included the cost of cheese, tomatoes, lettuce and bread, totaling just $2.16 per burger.
In contrast, the average price for a quarter pounder at a quick-service restaurant is $6.95.
Someone hosting a barbecue for ten people would save almost $50 by cooking at home instead of buying food out.
“As food-out-of-home inflation remains higher than food-at-home inflation, the backlog of restaurant expenses becomes more obvious as a place to cut back,” Swanson said. Fox Business.
“And while we all love convenience and variety, we also really want to cut back this month — and balance it out.”
The most recent inflation figures show that it remained stable at 3.4%.
The Bureau of Labor Statistics updates the Consumer Price Index monthly, tracking the change over time in the prices of specific goods and services.
Food prices have increased by 2.1% over the past year, including a 4% increase in restaurant food costs.
But the costs of some barbecue staples have actually gone down.
Supermarket potato salad prices fell 0.7% from the previous year, and guacamole fell 1.1%.
Unfortunately, consumers may not see prices drop on a large scale in the near future.
“Relief will be a slow process where prices stabilize and personal income slowly grows to make food more affordable. It will be like watching paint dry for the average consumer,” Swanson said.
STORE HOURS
Shoppers in need of last-minute items for their Fourth of July celebrations are in luck.
Many grocery stores will be open, including ShopRite, Stop & Shop and Trader Joe’s.
However, Costco will be closed on Thursday, July 4, 2024.
FAST FOOD
A Wells Fargo study found that Americans can make a quarter-pound burger at home for just $2.16.
Rival Sam’s Club will be open at adjusted hours, from 10am to 6pm, instead of 8am.
Kroger and Aldi announced that stores would be open at adjusted hours. Customers should check the hours at the nearest location before heading there.
Meanwhile, Costco customers are furious after a recall affected 570,000 products.
Walmart shoppers say the store’s new shopping carts are a problem for short people.
This story originally appeared on The-sun.com read the full story
