Americans Face Increased Costs For Memorial Day

The increased rate of inflation caused many Americans to have the most expensive Memorial Day cookout in the nation’s history. The news came as millions commemorated the holiday with friends and family amid increasing food and energy prices.

The average cost of a Memorial Day barbecue will increase about 10%, or about $30, according to a recent report.

The cost of individual items has increased considerably over the last year. This is especially the case for beef. Ground beef is up 6% from last year, steak prices increased by 6.5% while hot dogs now cost more than 7% more than in 2023.

Condiment prices increased by almost 9% while sauces are up by 3.5%.

One of the few items that stayed about the same in price is chicken.

In addition, gas prices are up more than a dime over last year.

Food prices have increased considerably during the tenure of President Joe Biden. While Biden attempted to defer blame, his efforts have not been successful. The president incorrectly stated that inflation was at 9% when he entered office, which was quickly rebutted by former President Donald Trump.

Fast food price inflation has actually been insane. pic.twitter.com/hoWwzpQjcm

— The Wolf Of Real Estate (@TheWolfofREI) May 21, 2024

The news came as the Federal Reserve expressed alarm over the current rate of inflation. With the current interest rates not reducing inflation as much as expected, the central bank is in a precarious position.

If the Fed does not increase rates further it runs the risk of keeping persistent inflation around for the long term, which would have a sharp negative effect on the economy. However, raising rates high enough to get inflation under the 2% target could also push the country into recession.

Overall prices have increased almost 20% since Biden took office in 2021. This represents the worst sustained inflation in more than 40 years. The wide breadth of the price increases have affected Americans of every social level, especially within the working class.

Many conservatives blame the inflation on the president’s policies and his self-proclaimed ‘Bidenomics.’