Americans spending more this holiday

Updated: Friday, July 4 2014, 08:07 AM EDT
Americans spending more this holiday story image
(NEWSCHANNEL 3) - From the grocery store to the gas pumps, Americans will spend more to celebrate the Independence Day holiday this year.

A survey of cookout costs by the American Farm Bureau Federation finds the overall cost of a party for ten up about five percent over last year, to $58.72.

Meat prices are boosting up the cost, the group says the prices of hamburgers are being pushed higher because of a historically low cattle herd.

Dairy products are also climbing. A pound of cheese is up 14 percent and chocolate milk is up almost 8 percent.

Gas prices are also rising for the holiday weekend. AAA says drivers will pay the highest Fourth of July prices at the pump since 2008, and an average of 20 cents more per gallon than last year.

Right now, gas prices in Michigan are sitting around $3.79, according to Gasbuddy.com.

The current national average is $3.63.

More than 70 percent of consumers said the jump in prices won't impact their holiday spending, which is expected to reach $6.2-billion.




Americans spending more this holiday
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