4th of July cookout costs rise as beef and gas prices increase

CHICAGO (WLS) -- As Americans prepare to celebrate the nation's 250th anniversary this weekend, consumers may find that some traditional Fourth of July expenses cost more than they did in previous years.

Rising prices for cookout staples and travel could affect holiday budgets, even as some costs have eased compared with recent months. Ground beef prices are at their highest level in at least 10 years.

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As of May, a pound of beef cost an average of $7.31 across the Midwest. After adjusting for inflation, ground beef is 9% more expensive than it was a year ago and 30% more expensive than it was 10 years ago.

Soft drink prices have shown a mixed trend. The average cost of a 12-pack of soft drinks is $6.62 across the Midwest, which is 5% cheaper than last year but 31% more expensive than it was in May 2018.

Travelers hitting the road for holiday celebrations may also face higher costs at the pump.

According to the American Automobile Association, a gallon of regular gasoline currently costs about $4.57 in the city of Chicago. While that is about 17% cheaper than a month ago, gas prices are about 14% higher than they were a year ago.

Consumers can calculate the cost of filling their vehicle's gas tank using the ABC7 Gas Calculator and track how inflation is affecting prices over time through the ABC7 Price Tracker.