4th of July and Food Prices

The Lempert Report
June 30, 2023

Let's talk about 4th of July. It's coming up and there's some new reports that talk about prices as it relates to 4th of July. So get your pen and paper ready, Sally, because here's what you should buy and here's what you shouldn't buy. So sirloin steak is down half of a percent. Last year was up 14 percent. Now this comes from Wells Fargo, ground beef is down 3%. Last year was up 14 percent. Wine is down 2%. Process cheese is up 15 percent. I don't understand that because most of what's in process cheese is, you know, oil and water. Bread is up 23 percent. Ice cream is up 16 percent. Chocolate chip cookies are up 24 percent. The list goes on and on. Walmart has also entered the fray and what they've done is they have grill essential rollbacks that are starting right now. They have over 20 grilling classics at prices that are lower than last year. Some of the best buys Kingsford original charcoal briquettes It was $19.92, $19.92 last year, this year at $17.92. But the big one, if you're looking for a grill, is The Blackstone two burner 28 inch griddle with air fryer combo. I didn't know there was an air fryer combo on a grill, it was $497, now it's $447. And just this morning we got a report from the e-commerce accelerator pattern and grill accessories are down 7%. Inflatable pools are down 7%. Barbecue sauce down 4%. Hot dogs down 3%. Now here's the prices that have gone up. Mountain Dew, that glow in the dark soda is up 22%. Pepsi is up 12%, Sprite up 11%, Dr Pepper up 9%, 7-up is up 8%, tequila up 5%, Coca-Cola only up 1%, which I find hard to believe after all the price increases that Coke has taken. And beer is up just 1%. So what are you gonna get for your Fourth of July barbecue?

Sally: Well, it sounds like I'm gonna grill some sirloin steak to make some tacos or some fajitas maybe, because I don't want to get the bread. The bread is up, so I don't want to make burgers or anything that involves, so I'm gonna make tacos with sirloin steak and we're gonna have Coca-Cola and Wine, I believe, not margaritas, since Tequila is up. Sorry about that, Phil, I know you love tequila, but it does sound, all in all, that people are getting a little bit of a break on prices across the board and maybe this Fourth of July is a little bit easier for them to indulge in some celebration than it was last year.