Rising inflation means Americans will face hefty bills at the grocery store this weekend stocking their fridges with Memorial Day meals and snacks.
The barbecue staple has jumped in price over the past year, causing more financial pain for cash-strapped Americans. The cost of food in supermarket aisles increased by 10.4% in April compared to the same month last year, according to consumer price index,
The price of steak, a Memorial Day favorite, was up 11.8% during April compared to the same month last year. Uncooked beef rose 14.8%, while hot dogs were about 7% more expensive. Burgers such as lettuce and cheese have increased by 12.7% and 6.5%, respectively.
Chicken wings fans are also in for sticker shock at the grocery store, with prices for fresh and frozen chicken parts up 17.9%. Bakery products, including bread, are up 9.6% year-on-year.
Increases in the prices of alcoholic beverages were more muted, although they are still higher than in the previous year. Beer is up 5% and wine is up 1.5%.
Record holiday travel prices will only add to the tension for the weekend. gas prices $4.60. reached an all-time high of per gallon nationally on Thursday and were hovering near their peak by Friday afternoon.
Nevertheless, motorists were not expected to be deterred by the high prices at the pump. AAA estimates that 34.9 million Americans will travel 50 or more miles by car this weekend, a nearly 5% increase from last year.
Credit: www.marketwatch.com /