Breitbart Business Digest
June 28, 2022
These are the times that try men's souls—and budgets.
The American Farm Bureau Federation (AFBF) reports that the cost of a standard Fourth of July cookout will cost 17 percent more than last year, the steepest price hike since they began keeping records a decade ago. U.S. consumers will pay $69.68 for their favorite cookout foods. The biggest increase in the basket of goods tracked by the AFBF is ground beef, up 36 percent compared with last year.
Actually, the AFBF is undercounting how much Independence Day will drain household bank accounts. The Consumer Price Index (CPI) that includes propane gas and firewood is up 28 percent compared with last year. Gasoline is up close to 50 percent—something that will hit the 42 million people AAA expects will take a road trip over the weekend. Two million people are expected to take flights this weekend—and airfares are up 37.8 percent.
Fireworks are getting pricier too. The CPI category that includes fireworks is up 11 percent. Some local media reports, however, say fireworks are up as much as 50 to 70 percent. National Public Radio reports that some cities are canceling fireworks displays altogether because of a shortage of available explosives and high prices. (Of course, the drought that has dried out much of the country does not help either.)
The pollster Frank Luntz said nearly two weeks ago that Fourth of July weekend is going to result in an explosion of outrage over inflation. The travel costs and grocery costs are going to hit all at once—and are unavoidable. There's no putting off purchases for later, hoping for a sale.
"There are three holidays, there are three moments when Americans take to the roads, and when Americans buy more food than at any other time of the year: Christmas, Thanksgiving, and the Fourth of July weekend. And everyone is going to be filling up their car 13 days from now, and they can’t put $40 or $50 in their tank — they actually have to fill it up, and that’s when the explosion hits," Luntz said.
– Alex Marlow & John Carney
Breitbart News Network
