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News alert: Inflation cooled for a 12th straight month in June as gains in grocery prices slowed

The CPI report showed inflation fell to 3% as grocery price increases eased. Taking out gas and food, price gains eased more than expected but stayed elevated,

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Wed Jul 12 2023
 
 
There's nothing more American than a barbecue on the Fourth of July. This year, the bite that you take out of that juicy hamburger will be nothing compared to the bite that soaring prices - of items typically found at a cookout on the Fourth - will take out of your wallet. To identify the price of a summer cookout in 2022, 24/7 Wall St. reviewed the report Cost of July 4th Cookout 17% Higher Compared to Year Ago from the A merican Farm Bureau Federation . We considered the current prices for 12 different foods commonly found at summer cookouts as well as their year-over-year price change, all from the AFBF report. The AFBF assumes an average cookout size of 10 people. Items are ordered by their annual change in price. Consumers will pay $69.68 for their favorite Independence Day cookout foods, a 17% increase from a year earlier, according to the AFBF marketbasket survey. The foods include cheeseburgers, homemade potato salad, and ice cream. The largest year-over-year price increase is for ground beef, according to the survey. The retail price for 2 pounds of ground beef is $11.12, up 36% from 2021. Other foods with a more than 30% price hike are: 3 pounds of center cut pork chops; 2 pounds of boneless, skinless chicken breasts; and 32 ounces of pork and beans. (Here is the price of bacon and eggs the year you were born .) Vanilla ice cream, potato salad, and hamburger buns all posted double-digit increases from a year ago. The good news for Independence Day celebrants? The cost of strawberries and sliced cheese declined. The reasons behind the runaway cost of cookout items - beef, hamburger buns, potato salad, and lemonade, for example - is because of the well-chronicled issues of inflation, caused in part by supply chain disruption due to the pandemic and Russia's invasion of Ukraine. ( The price of this household item is soaring .) Inflation rose 8.6% in May compared to May last year, according to the consumer price index published by the Bureau of Labor Statistics in early June. The increase was across the board, with the indexes for shelter, gasoline, and food the biggest contributors to price hikes.
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