Former Reagan economic adviser Art Laffer joins 'Varney & Co.' to explain why he believes inflation will fall, the Fed should avoid raising rates. the U.S. economy remains strong.
Hard-working Americans looking to fire up the grill this weekend are facing major sticker shock before they even light the charcoal.
As inflation continues to squeeze household budgets. the newly released Wells Fargo summer BBQ food report reveals that hosting a standard summer barbecue for 10 people has climbed to an average of $161 — or about $16 per person.
While total cookout costs are up 2.4% year over year. the real pricing pain is hiding righton the meat tray: the quintessential American hamburger beef has skyrocketed by 14%.
"Regarding food inflation, price increases this season will really depend on the category. For fresh fruits and vegetables, we anticipate some relief as summer unfolds.
Growers are motivated by higher prices to plant more acreage, so increased supply should help moderate price hikes. may actually offer consumers a bit of a break," Wells Fargo Agri-Food Institute head Robin Wenzel told Fox News Digital.
WALMART WARNS SHOPPERS COULD FACE HIGHER PRICES AS FUEL COSTS SURGE, TAX REFUNDS DRY UP
"However, for those who value convenience and opt for prepared foods, expect prices to edge up," she warned.
"These items are driven more by labor, packaging and energy costs than the underlying commodities themselves. As consumers continue to pay for convenience, retailers are able to maintain their margins with higher pricing."
Red meat is displayed at a grocery store in Brooklyn on May 12, 2026, in New York City.(Getty Images)
Though burgers are taking the biggest hit from inflation, so are other grilling favorites. Chicken. pork products rose 3% from the previous year and are seen as the "cost-friendly" option, while hot dogs and frankfurters are up 5%.
Ready-made sides like potato salad are up 3% because of higher manufacturing wages being passed on to consumers. the report notes. Other favorites like cornbread are up 4%, raw vegetables are up 6%,. if you’re saving room for dessert, sweet-treat prices have increased anywhere from 1% to 4%.
Jack Otter leads a 'Barron's Roundtable' panel discussion on Fed cuts, grocery prices, AI, Oracle's price spike. how Trump's immigration crackdown is affecting the markets.
The higher price tags fall in line with theMay consumer price index(CPI) – a broad measure of how much everyday goods like gasoline, groceries. rent cost – which rose 0.5% in May and 4.2% from a year earlier. The annual figure is the highest since April 2023.
Pre-made grocery store shortcuts can be a budget-buster during the summer. as buying a pre-cut vegetable tray adds a $7 premium to your bill, while buying fully cooked, pre-packaged ribs costs $4 more per pound than buying them raw.
"Hosts can save by preparing ribs from scratch. allowing a bit more room to indulge in prepared veggie trays if desired," Wenzel said. "Budget-conscious hosts should thoughtfully weigh where to splurge. While pre-cooked ribs are more expensive, pork still offers a better value than beef, which remains a costly grill option."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business correspondent Madison Alworth reports from Harlem's Key Food. where owner Ruben Luna fears losing customers to taxpayer-funded competition as New York City Mayor Zohran Mamdani pushes city-run supermarkets, on ‘Varney & Co.’
Asked to craft the best "inflation-busting" menu, Wenzel recommended serving up chicken, pork, made-from-scratch sides like deviled eggs (eggs are down 14%), watermelon, strawberries (both fruits are down 3%). cookies or ice cream for dessert.
"When hosting a BBQ for 10 on a strict budget, plan wisely with proteins. look for value where it counts… the decision between homemade and prepared foods is key. Making from scratch, such as potato salad can save money, but convenience has its place," Wenzel said. "Beer. wine priceshaven’t climbed much, but they’ll still add to the total, so asking guests to BYOB is a smart way to keep costs down."
READ MORE FROM FOX BUSINESS
FOX Business’ Eric Revell contributed to this report.
Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech. money news that matters to you.
We've added you to our mailing list.
By clicking subscribe, you agree to the Fox NewsPrivacy PolicyandTerms of Use,. agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
Discussion
Sign in to join the thread, react, and share images.