Despite inflation, Super Bowl snacks will cost less than last year, report says

While overall food price inflation is up 11.8% over last year, prices on some popular snack items are down just in time for Super Bowl get-togethers, a new report found.

In an effort to help consumers plan a gameday menu for Feb. 12, Wells Fargo recently released its Super Bowl Food Report, which presents a look at current prices of party staples as well as tips to keep costs low.

“Several fan favorites are seeing price declines from 2022, which will give the quarterback in you option plays for big gains in smiles,” said Michael Swanson, chief agricultural economist at Wells Fargo.

One of the biggest takeaways from the report – which pulled data from the Bureau of Labor Statistics, United States Department of Agriculture, Federal Reserve and Nielsen Research – is that improvements in the supply chain have led to lower prices for several watch party staples.

What’s down

• With supply at its highest levels since early 2019, the price of chicken wings has dropped from about $3.38 per pound the week of last year’s Super Bowl to $2.65 per pound;
• Although hamburger prices are slightly higher than last year, they have fallen below their peak around the Fourth of July;
• Sirloin steak costs have decreased by almost $1 per pound since last December, making them a great grilling option. Bacon and shrimp are also cheaper than last year;
• The price of avocados has dropped 20% due to a strong crop.

What’s up

• Beer has increased by 11% since last January, while wine and spirits have gone up by only 4% and 2%, respectively;
• The price of soft drinks rose 25% due to an uptick in ingredient and shipping costs. Even so, a 2-liter bottle costs around $2.13;
• The cost of potato chips is up about 22% between December 2021 and last month to $6.28 for a 16-ounce bag. Despite the double-digit price increase, consumer demand climbed in 2022, with national brands holding their own against private label.

At Stew Leonard’s, a Connecticut-based family-owned grocery chain with a location in Paramus, CEO and President Stew Leonard Jr. said, “We’re riding the market prices.”

“Meat prices seem to be easing – ground beef (80/20) was $3.49 per pound last year and this year it’s $2.99. Chicken wings last year were $4.99 per pound and this year, they’ll be a dollar cheaper,” he said in a Feb. 5 update to customers.

“The cheese markets seem to be easing. Transportation costs are coming down since last year. This especially helps with our brie from France and Parmigiano Reggiano from Italy,” Leonard said.

Although egg prices remain at record highs, Leonard expects that’ll change soon.

“As our chicken farmers recover from their own form of COVID lockdown, they’re raising new flocks of hens,” he said. “You’ll see prices drop over the next few months. Milk prices have stabilized and so has butter.”

More ways to save

As part of an Iselin-based co-op Allegiance Retail Services campaign, shoppers were able to learn how to prepare three healthy, quality meals for just $9 a day. Click here to check out some recipes.