Inflation relief: Super Bowl favorites like guacamole, chicken wings will cost less this year
For football fans trying to tackle high inflation while shopping for this year's Super Bowl LVII, there's some good news.
Inflation has driven up prices for at-home food by 11.8% over the past year, but some watch party staples like chicken wings and guacamole will cost less this year, according to a new report from Wells Fargo.
The report shows a decline in foods like chicken wings means the grocery bill for this year's game should cost less compared with last year for savvy shoppers.
“We're seeing some healing in the U.S. food system,” Michael Swanson, Wells Fargo's chief agricultural economist, told USA TODAY. “The last two years have been a real shock to a lot of people, but we're starting to see a lot of things start working in our favor again.”
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Avocados: Avocados, the MVP of guacamole, will be much less expensive this year thanks to a strong crop. Wells Fargo notes that prices have dropped about 20%.
Chicken wings: With supply at its highest levels since the beginning of 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, according to the report.
Hamburgers: While hamburger prices are slightly elevated from last year, they have fallen below their peak in July. Frying up some bacon to top those burgers will cost less this year.
Sirloin steak prices have also dropped almost $1 per pound since last December.
Various food prices are easing thanks to improvements in the supply chain, Swanson said.
“We have better transportation, so truck availability and diesel costs are down so we're seeing much better freight rates,” he said. “Labor’s another one. We've seen that there's a better availability of labor. And not necessarily cheaper, but with better staffing in the factory we're seeing better throughput and less of a pinch around that.”
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Beer: The star of many Super Bowl commercials, beer is about 11% pricier compared with last year. Wine is up 4%, while spirits are up 2%.
Soda: A rise in ingredient and shipping costs means soda is up 25% from last year. The report notes that the price hike is unlikely to break the bank, though, with a two-liter bottle costing about $2.13.
Chips: Potato chip prices between December 2021 and last month are up about 22% to $6.28 for a 16-ounce bag, according to the Bureau of Labor Statistics.
Despite the price hikes, Swanson said consumers can expect to pay less this year for the Super Bowl compared to 2022.
“The (price drops for) big ticket items are going to outweigh some of the other things like the (rising costs for) chips and the soft drinks,” he said. “It looks like we're kind of getting a more normal supply chain under our belt. That bodes well as we look forward to 2023.”
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You can follow USA TODAY reporter Bailey Schulz on Twitter @bailey_schulz and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: Super Bowl party staples will cost less this year, despite inflation