Cheapest place to get meals on Fourth of July – and expert reveals consumer savings will be ‘substantial’

A RECENT study revealed that families could pay just $2.16 per person to eat on the Fourth of July.

Wells Fargo analysts found that shoppers could save substantial amounts by cooking at home rather than eating out for the upcoming holiday.

In a report led by Dr. Michael Swanson, chief agricultural economist, the company analyzes the price of ingredients to make quarter-pound hamburgers.

Researchers included the cost of cheese, tomato, lettuce, and a bun, totaling just $2.16 per burger.

In contrast, the average price of a quarter-pounder at a quick-service restaurant is $6.95.

Someone hosting a barbeque for ten people would save nearly $50 by cooking at home rather than buying food outside

"As food away from home inflation remains higher than food at home, the accumulation of restaurant expenses becomes more obvious as a place to cut back," Swanson told Fox Business.

"And while we all love convenience and variety, we also really want to knock down that month-and balance."

The most recent inflation numbers show it has held steady at 3.4%.

The Bureau of Labor Statistics updates the Consumer Price Index monthly, tracking the change over time in the prices of specific goods and services.

Food prices increased by 2.1% over the past year, including a 4% rise in restaurant food costs.

But the costs of some barbeque staples have actually gone down.

Supermarket prices for potato salad are down 0.7% from a year ago, and guacamole declined by 1.1%.

Unfortunately, consumers may not see prices drop on a large scale soon.

"The relief will be a slow process where prices stabilize, and personal income grows slowly to make food more affordable. It will be like watching paint dry for the average consumer," Swanson said.

STORE HOURS

Shoppers who need last-minute items for their Fourth of July celebrations are in luck.

Many grocery stores will open, including ShopRite, Stop & Shop, and Trader Joe's.

However, Costco will be closed on Thursday, July 4, 2024.

FAST FOOD

A study by Wells Fargo found that Americans can make a quarter-pound burger at home for just $2.16.

Prices vary by McDonald's location, but the average cost of a Quarter Pounder is $6.39.

A single at Wedny's also weighs a quarter-pound and costs $6.39.

A whopper at Burger King is the same price.

Rival Sam's Club will be open for adjusted hours, from 10 am to 6 pm rather than 8 am.

Kroger and Aldi both announced that stores would be open for adjusted hours. Customers should check the hours at their nearest location before heading over.

Meanwhile, Costco customers are furious after a recall affected 570,000 products.

Walmart shoppers say the store's new shopping carts are a problem for short people.