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This year’s Super Bowl party won’t come cheap food inflation 11.8% increase at home. But football fans may take delight in applauding that the cost of “super bowl staple food” is down compared to a year ago, according to a new report from Wells Fargo economists.
“Retail prices are easing faster than many expected, while supplies have expanded and demand has weakened in several key areas. Transportation costs, in particular, are a large part of food costs. It’s coming down from peak prices,” Dr. Michael Swanson told Fox Business in a Wells Fargo report.
For example, wings, which are synonymous with Super Bowl parties, are down 22% from last January. That’s because poultry producers have increased supplies significantly despite rising feed costs, according to a Wells Fargo report.
The USDA weekly report pegged the price of whole chicken wings at $3.38 a pound last year during Super Bowl week, the report continued. “It’s a big jump from the price of a year ago,” said Swanson.
WASHINGTON DC- JANUARY 24, 2019: Super bowl party recipes. Sweet onion and chive dip, La Brea tar pit chicken wings, and seafood chowder. (Photo by Stacey Zarin Gold
Meanwhile, avocados fell 20% year-over-year in December, the report continued.
“Last year at the Super Bowl, avocados were barely there. Frustrated by Mexican supply “Increased plantings and better management have resulted in higher yields and improved supply this year,” said Swanson.
Sirloin, ground beef and pork chops are also “still popular,” says Swanson.
Sirloin steak prices were also nearly $1 a pound lower in December than they were a year ago, Swanson reported, citing recent retail data.
Burgers are slightly more expensive than this time last year, according to the report, but prices are still lower than their July 4th highs.
Inflation gauges closely monitored by the Fed cool in December, but prices remain high
Shrimp too good buy for games Given the fact that low demand is pushing prices down, Swanson said.
“Price increases last year have made consumers less enthusiastic about buying shrimp,” Swanson said. “When demand drops, wholesalers find their freezers and coolers filling up.”
To help, they started lowering their prices.
Related: Super Bowl Snack Day: 70% of Fans Stick to Gameday Appetizers
“Retail prices are certainly feeling downward pressure, but we have yet to realize all the savings,” he added.
The drink will increase quickly, beer jumping 11% December a year ago. Meanwhile, wines and spirits rose 4% and 2% respectively.
Citing rising materials and shipping costs, Swanson said, “The biggest price increase for coolers actually comes from the soft drinks section.
For that report, Swanson used recent data from the Bureau of Labor Statistics Consumer Price Index, USDA Agricultural Marketing Service, and Federal Reserve Economic Data.
Stay up-to-date on this story on FOXBusiness.com.
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