Indiana Farm Bureau: Hoosiers Can Expect Increased Grocery Prices Ahead of Fourth of July

Tuesday, June 27, 2023 at 12:50 PM

The market basket price is up eight percent in 2023.

Shutterstock photo.

INDIANAPOLIS – Hoosiers can expect to spend more money for their Fourth of July cookouts.

According to the Indiana Farm Bureau, Hoosiers will pay an average of $69.47 for a cookout feeding 10 people this summer, or $6.95 per person.

That is up eight percent compared to last year.

Indiana’s market basket price is approximately three percent more, or 18 cents more, than the U.S. average price of $6.77 per person. This marks the first time since 2019 that the total Indiana market basket price came in above the U.S. average.

The total market basket price of $69.47 includes ground beef, cheese, hamburger buns, pork chops, chicken breasts, pork and beans, potato salad, strawberries, chips, ice cream, cookies, and lemonade.

“We are still seeing food inflation throughout the whole supermarket, specifically with items that require more processing, labor and transportation,” said INFB Chief Economist Dr. Todd Davis. “This impacts items like cookies and chips that are non-perishable with no urgency to sell by a strict deadline, meaning grocery stores don’t need to discount to move inventory. This survey was conducted before many stores offer Fourth of July sales, so if you go to the grocery store now you are likely to see slightly reduced prices than what this market basket shows.”

Indiana’s survey was completed in conjunction with a national survey administered by the American Farm Bureau Federation. More details about AFBF’s national summer cookout market basket results can be found at fb.org.

Cookout Items (INFB survey)	2022 Indiana Total Cost	2023 Indiana Costs	% Change of Indiana Costs (2022 to 2023)	% Difference between 2023 Indiana Costs and 2023 U.S. Average
Ground Beef (2 lbs.)	$10.88	$12.16	+12%	+5%
Cheese (1 lb.)	$3.57	$3.54	-1%	+0.3%
Cookies (13 oz bag)	$4.07	$4.75	+17%	+22%
Ice cream (half gallon)	$4.49	$4.67	+4%	-12%
Strawberries (2 pints)	$3.79	$3.80	+0.3%	-17%
Chips (16 oz bag)	$4.40	$5.04	+15%	+11%
Chicken Breast (2 lbs.)	$8.87	$9.30	+5%	+14%
Pork Chops (3 lbs.)	$15.15	$15.12	-0.2%	+5%
Pork and beans (32 oz)	$2.08	$2.38	+14%	-2%
Hamburger Buns (1 package)	$1.50	$1.95	+30%	-14%
Lemonade (2.5 qts.)	$3.13	$3.66	+17%	-2%
Potato Salad (2.5 lbs.)	$2.79	$3.11	+11%	-10%
AVERAGE TOTAL MEAL PRICE	$64.32	$69.47	+8%	+3%
*The total meal price listed above is for a group of 10 individuals.