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July 4th inflation: Skip the burgers, grab the hot dogs

July 1, 2014 at 10:02 AM ET

For his annual Independence Day bash, California resident Julian Miranda plans to shell out about $600 to contribute to a potluck spread for about 60 to 80 people. While Miranda knows meat prices have risen sharply, the music consultant and owner of a party planning business isn't going to change anything about the event. "No, I'm just going to grin and bear it," he said. Miranda's expected jump in food costs echoes the findings of a new informal survey from the American Farm Bureau Federation, which showed the average cost for a July 4th picnic for 10 is $58.72, 5.4 percent higher than last year.The survey is based on retail prices from 84 shoppers' findings in 26 states and Puerto Rico. Meat and dairy prices rose the most. The cost of ground round shot up 13.4 percent, pork spare ribs 13.2 percent and American cheese 14.3 percent. The biggest drop in the survey came from ketchup prices, which fell 12.3 percent, while hot dog prices slipped 2.6 percent.

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