A new informal survey from the American Farm Bureau Federation 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.
But maybe Krugman only eats hot dogs with ketchup, that would explain his deflation outlook.
AFBF summer cook-out survey
Item
|
Amount
|
Units
|
2013
|
2014
|
% change
|
|---|---|---|---|---|---|
| Ground Round | 2 | pounds | $7.86 | $8.91 | 13.40% |
| Pork Spare Ribs | 4 | pounds | $12.29 | $13.91 | 13.20% |
| Hot Dogs | 1 | pound | $2.29 | $2.23 | -2.60% |
| Deli Potato Salad | 3 | pounds | $8.77 | $8.80 | 0.30% |
| Baked Beans | 28 | ounces | $1.99 | $1.96 | -1.50% |
| Corn Chips | 15 | ounces | $3.37 | $3.37 | 0.00% |
| Lemonade | 0.5 | gallons | $2.07 | $2.00 | -3.40% |
| Chocolate Milk | 0.5 | gallons | $2.62 | $2.82 | 7.60% |
| Watermelon | 4 | pounds | $5.61 | $5.68 | 1.20% |
| Hot Dog Buns | 1 | package | $1.64 | $1.63 | -0.60% |
| Hamburger Buns | 1 | package | $1.67 | $1.68 | 0.60% |
| Ketchup | 20 | ounces | $1.55 | $1.36 | -12.30% |
| Mustard | 16 | ounces | $1.23 | $1.25 | 1.60% |
| American Cheese | 1 | pound | $2.73 | $3.12 | 14.30% |
| Total | $55.69 | $58.72 | 5.40% | ||
| Per Person | 10 | $5.57 | $5.87 | 5.40% |
Source: AFBF
(via CNBC)
Krugman ate steak last year. This year he will eat hot dogs. But since he's paying the same amount both years, that obviously means no inflation happened.
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