What July 4th BBQs will cost Americans this year

July Fourth weekend is right around the corner, with many Americans expected to host celebrations across the country.

Yahoo Finance Reporter Brooke DiPalma joins Wealth! to break down the costs of hosting Fourth of July cookouts for Americans.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video transcript

Let's talk a little fourth of July here, Independence Day, less than a week away.

So, get ready to fire up those grills as more Americans plan on hosting Fourth of July celebrations.

And if you have to have a barbecue or you plan to have one this Fourth of July weekend, most of the fixings will cost more due to sizzling inflation at Yahoo Finance, senior reporter Brooke Dipalma is here with the breakdown.

All right, Brooke, what do we know about what the cost of what you're thrown on the grill is gonna look like?

Well, Brad, it's going to cost more than last year, but Americans do expect to spend about $3 less.

Let's break it all down consumers.

They're gearing up for their Fourth of July holiday.

Like I said, Americans plan to spend an average of $90 on food alone this Fourth of July.

And that's according to the National Retail Federation and it's actually $3 cheaper than what they planned to spend last year.

So how can you get the best bang for your buck?

Well, Wells Fargo told Yahoo finance, it really depends on what exactly you buy.

Let's break this all down how the fourth is comparing to last year by taking a closer look at the latest consumer price index that we have from the month of May kicking off with protein.

Of course, the star of the event, the cost of beef.

Well, that's gonna be up about 4.9% hot dogs, frankfurters.

That's gonna be up about 7.3% compared to last year.

But chicken here.

Well, that might be the way to go.

If you're looking to save, that's up just 1.4% year over year.

And you can't have a barbecue without some sides and dips.

If you're looking at potato chips, those will also costs more up roughly 2.7% compared to last year and to wash it all down when it comes to drinks.

Let's talk soda here.

You're getting the best bang for your buck by getting those 2 L bottles compared to cans.

Aluminum, that's still driving the cost of cans higher.

And while most Americans typically do barbecue at home for four, that's why they don't tend to go out to those restaurants.

That is where you're going to get the most for your money as inflation at restaurants and bars continues to push the overall food inflation number higher.

And Wells Fargo outlined just that they gave this example here.

The cost of a burger at home with all the fixings, cheese, tomato lettuce at home.

That one burger will cost roughly $2.15.

Now, that's compared to roughly $7 when dining out.

But this holiday as we've seen, and we've heard so far this year, consumers are really looking for their best bang for their buck.

They're really seeking those value deals, especially when it comes to groceries.

So two socks that I'll be launching right here, Walmart and Target those two retailers really doubling down on low prices.

Last month, target announced plans to cut prices and roughly 5000 items we heard last month that they already cut prices on 1500.

And consumers will also be looking to buy in bulk.

They wanna get the most for their money here.

So I'll have my eye on the wholesale retailers, think Costco, think Walmart Sam's Club and also think B J's Wholesale Club as well.