HONOLULU (KHON2) — Get those barbeques — and wallets — ready for the Fourth of July.
Prices of your favorite meats have likely gone up since 2021.
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Richard’s Meat Market told KHON2 that just about everything costs more in 2022.
“Our numbers this summer have been — depending on the protein — anywhere from 10 to 100% increase compared to last year,” said Tania Li, Richard’s Meat Market general manager.
Data from the Bureau of Labor Statistics shows at-home food prices in Honolulu jumped 10.1% compared to 2021. Meats, poultry, fish and eggs are up 11.8%, while cereals and bakery products are up 13.9%.
An economic expert told KHON2 that the last two categories are closely related.
“In many cases, it hasn’t been a particularly good year for growing things,” UH Manoa professor emeritus of Business Economics Jack Suyderhoud said. “A lot of the cereals that are grown, end up to feed animals.”
One of the meats seeing a high price increase is steak.
A case at Richard’s would have cost $70 in 2021, but now it goes for about $80.
“Annually there’s some kind of a protein crisis, be it seafood, pork, chicken or beef. Like right now, I believe the US is going through a drought,” Li said.
Milestone Wealth Management said the higher food prices will not change Fourth of July barbeques too much.
“Meaning we’re still going to go out, buy that steak, still go out, buy the fish, the poke, things of that nature,” said Caine Nakata, Milestone Wealth Management founder.
“But we’ll probably cut back on some of the other things, right? Maybe not as many chips, deserts, things of that nature, just to offset some of the costs that have really risen for the average person.”Caine Nakata, Milestone Wealth Management founder
According to the American Farm Bureau Federation, the average price of a 10-person cookout for Fourth of July will be $69.68 in 2022, 10$ more than 2021. With businesses still recovering from COVID restrictions, Richard’s Meat Market said they are no different.
“It’s been two and a half years, so for us to expect things to go back to normal in the next six months is really, really, really unrealistic,” Li said, “so, got to be patient.”