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.
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.”
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.l