You'll likely be spending a lot more for this year's Memorial Day barbecue. Fan favorites like hot dogs, potato chips, and beer are just some of the items that have jumped in price as a result of inflation.
The Bureau of Labor Statistics' April Consumer Price Index (CPI) rose 8.3% compared to the same month last year, with the cost of food rising 9.4% and the at-home food category rising 10.8%.
Firing up the grill is likely to hurt consumers' wallets the most. The prices of bacon jumped 17.70%, the most year over year; followed by chicken legs (bone-in), up 16.40%; ground beef, up 16.40%; uncooked beef steaks, up 11.80%; and hot dogs (all meat or all beef), up 6.20%. Frankfurters experienced the largest change in price dollar-wise. In 2021, a pound of hot dogs in April cost $3.81; today it comes in at $5.22.
The only foods to cost slightly less or the same: strawberries, wine and tomatoes.
And unless you're planning to stay at home, you'll be paying more at the pump to get to those parties. The cost of gas used to fuel barbecues, boats and cars is up a whopping 43.6% compared to a year ago. As of Monday, the national average for a gallon of gas is $4.59, according to AAA.
More family, less travel
Jerry Dalton, director of commodities at ArrowStream, expects a lot folks will be "more conservative in spending on grilling activity and be more local." High prices — especially gasoline — will likely mean "more family grilling and less automobile travel."
Consumers are anticipating taking a hit this holiday, according to a report from Numerator, which asked 1,200 people between April 28 and May 2 about their Memorial Day plans. Of those celebrating, 84% are expecting inflation to impact their Memorial Day shopping, with one in five expecting it to be significant. And while a third expect to keep their holiday spending below $50, over one in five expect to spend more than $100.
If you haven't stocked up for your party yet, you might want to hit the stores soon. According to the survey, 68% of those celebrating have already done their shopping.
Brooke DiPalma is a producer and reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at firstname.lastname@example.org.