Consumers Battle Fatigue Over Food Prices

Rabobank’s 2024 July 4th Barbecue Index reached an unprecedented level this year.

Hosting a ten-person barbecue on the Fourth of July will cost $99, the highest total on record.

This year, beef, beer, soda, and lettuce comprise 64% of the total cost.

With food prices unlikely to reverse course, Rabobank says this may be the last time we’ll see a summer cookout for ten cost less than $100.

Food inflation jumped 25% from 2019 to the end of 2023.

The additional inflation in the first half of 2024 has been the tipping point.

“The consumer is waving the white flag on food inflation,” says Tom Bailey, senior consumer foods analyst at Rabobank.

“With an added two percent in price hikes in 2024, coupled with the disparity between the cost of eating out and cooking at home at the widest point in history, we’re seeing heightened fatigue and frugality.”