Cookout season is here, and that means stocking up on beer, beef, and buns. And while these kitchen staples are a fixture of backyard barbecues, throwing an all-out summer bash grows more expensive. Agricultural bank Rabo Agrifinance released its annual BBQIndex report Wednesday, which compiles data on how much it would cost to throw a standard barbecue for 10 people. The findings suggest that in 2024, it will cost $99 to host a typical Fourth of July cookout — the highest price on record so far.
The report breaks down the cost per person across 10 key items: beer, soda, beef, buns, lettuce, cheese, tomato, chicken, chips, and ice cream. This year, beer, beef, soda, and lettuce make up 64 percent of the total cost. Over the past five years, a series of factors have led to drastic price hikes across the board, with food inflation specifically jumping 25 percent from 2019 to the end of 2023. In 2023, Rabo Agrifinance reported that the average price of a barbecue was $97, significantly higher than 2018’s $73. Even though the increase from 2023 to 2024 was less severe, the continuing rise of food prices suggests that this might be the last year one could throw a barbecue for under $100.
Beer is an obvious barbecue favorite, but data says this item alone can drive 27 percent of a total barbecue’s cost. According to the report, the average American has to work a full hour to pay for a six-pack of beer and a burger in 2024, which is up from 51 minutes in 2019. The increased cost can be attributed to a struggling beer industry, which is competing with hard seltzers and ready-to-drink cocktails as well as facing stockpiles of extra inventory.
The price of beef is also soaring due to challenging economic conditions and drought. But on the bright side, the quality of beef on the market is also reaching a high. According to the report, the availability of U.S. Department of Agriculture (USDA) prime and choice meat has increased 60 percent over the past 20 years.
With such prohibitive prices, it will be more important than ever to plan ahead when shopping for summer bashes.
“To find bargains in beef this grilling season, look for featured promotions at your local supermarket or club store,” Lance Zimmerman, senior beef analyst at Rabobank suggests in the report. “Beef prices may be at historical highs but many store owners are willing to take a loss by putting various cuts of meat on sale knowing shoppers will fill their carts with other menu items—beer, burgers, hot dogs, sides and salads. They want to boost foot traffic and win loyal customers.”
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