How Americans will spend & save this Independence Day

Beef prices went up, pork prices went down

(CNN) – July 4th doesn’t require too much spending, to celebrate. Pretty much the food and the fireworks.

A survey by the National Retail Federation finds the average American will spend 71-dollars and 23 cents on items for a barbecue, cookout, or picnic, about than three dollars more than last year.

However, an annual tally by the American Farm Bureau Federation found the average cost of a cookout for 10 people with burgers, hot dogs, ribs, baked beans and more, is actually down three percent from last year, to 5 dollars and 58 cents per person.

Those shopping for cookout staples, will find mixed results for some key items. According to Deputy Chief Economist John Anderson, “Beef prices are little higher, pork prices are a little lower.”

Anderson added that the lower energy prices helped the overall decrease. It’s not just transportation, that’s a big component of it, but it’s also the processing and the packaging. These tend to be pretty energy intensive activities. So higher energy prices raise those prices.

And lower fuel prices, lower them. That’s also a big reason 42 million Americans will spend the holiday away from home, according to AAA, the most since 2007.

They expect Independence Day gas prices at their lowest for the holiday in five years. That’s good news for the 85 percent of travelers who plan a road trip. But fliers will find airfares slightly higher this July 4th, than last.

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