8 Memorial Day Weekend Staples That Cost More This Year
Memorial Day weekend, a significant time when Americans come together, is the unofficial kickoff to summer. It’s a time to both honor those who have fallen serving in the United States military and celebrate the new season with pool parties and barbecues.
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However, the impact of inflation continues to hit Americans’ wallets and the prices of summer staples are skyrocketing. Here’s a look at inflation and rising prices, as well as eight Memorial Day weekend staples that cost more this year.
Rising Costs
According to the U.S. Bureau of Labor Statistics, the consumer price index on all items has increased 3.4% as of April 2024. This means that some of your favorite holiday essentials might not be affordable anymore.
This is a concern for many. Americans have cited the rising cost of living and inflation as their top financial fears for the third year in a row, per a recent Gallup poll. The percentage of those naming inflation as a top concern has increased significantly since 2008. The poll results also indicate other areas of like concern, like retirement and being unable to maintain living standards.
Prices have dropped, and we’re in a better spot than when when inflation was 4.9% in April 2023 and 8.3% in April 2022, according to Forbes. Still, look for inflation to drive up the price of seasonal activities this year.
Forbes also reports, “In the U.S.’ ongoing bout of inflation, which began in the spring of 2021 and is the most painful stretch of price increases since the Carter Administration, activities associated with summer fun have been among the hardest hit by inflation.”
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Memorial Day Staples That Cost More
Per a release from the Bureau of Labor Statistics, here are the summer staples rising in cost this year and how much they have increased since last year. This list is in increasing order and reflects statistics as of May 2024.
Cereal and bakery products increased by 0.6%.
Beer and ale beverages are 3% pricier at home and 4% pricier outside.
Crackers, bread and cracker products are up 3.6%.
Bacon and other pork related products are 3.9% higher.
Beef and veal are both 7% more expensive.
Cigarettes are 7.4% more expensive.
Car maintenance and repair costs increased by 7.6%.
Tickets to sporting events are a staggering 15.4% higher.
In addition, Forbes reported, “Plane tickets are 24% more expensive heading into summer 2024 than they were three years ago, gasoline is 28% more on average than it was in 2021, while cookout staples like meat (19%), alcohol (11%) and tobacco products (18%) are far more expensive than they were in recent years.”
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