Food prices for Fourth of July favorites, experts share the best savings on burgers and more

It's almost Independence Day in the United States, and if you're making a trip to the grocery store to prep for any Fourth of July food-related festivities, experts have shared new pricing data on some of the most popular products to help you plan ahead.

Wells Fargo's Agri-Food Institute has released its annual Fourth of July Food Report, which calculated costs on hot ticket items for backyard get-togethers like hamburgers, which are actually three times cheaper than dining out this year.

With the worst of food inflation in the rear view for now, the mid-June 2024 Consumer Price Index showed "Food at Home" -- think groceries -- only rose by 1% compared to the "Food Away from Home" category, which rose by 4%.

How to save on food this Fourth of July

The Agri-Food Institute experts found that the cost savings are substantial when comparing the price for ingredients to make a home-cooked quarter-pound hamburger versus the average cost of popular fast-food restaurant quarter-pound burgers.

"The current cost of ingredients to prepare a quarter pound hamburger with cheese, tomato and lettuce at home is $2.16 per burger," the report stated. "For a party of 10, the home chef will save nearly $50 -- $47.90, to be exact -- on burgers by firing up the grill."

The report also looked at side dishes along with other foods that make a great cookout menu.

If prepping potato salad at home, white potatoes are approximately $0.96 per pound, which is a 4.4% drop since last year, according to the Bureau of Labor Statistics.

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Although the price for potato chips has increased 2.7% since this time last year, the experts at Wells Fargo said "they are still a good buy for appetizers and a side for burgers."

Salsa prices are up 2.5% from a year ago, but guacamole has dropped by 1.1%, so tortilla chips and guacamole are a smart snack choice for celebrations this year.

You can't have a barbecue without something to drink, and with bottled iced tea prices up nearly 2.4%, which is in line with many other types of beverages, preparing a large batch of tea at home will help you save big -- plus it helps reduce packaging waste.