by: Mia Hilkowitz
Indiana Capital Chronicle
Indiana residents will pay an average of $68.33 for tomorrow’s cookout feeding 10 people — a 2% decrease from last year — according to the 2024 Indiana Farm Bureau (INFB) summer market basket survey results released last week. This rounds out to approximately $6.83 per person.
The survey includes the cost of 12 items; ground beef, cheese, cookies, ice cream, strawberries, chips, chicken breast, pork chops, pork and beans, hamburger buns, lemonade and potato salad.
Although the $68.33 price tag of the cookout decreased from last year, food costs in Indiana are still significantly higher than costs in 2021 ($56.70) and 2022 ($64.32).
The INFB conducts the annual survey in conjunction with the American Farm Bureau Federation’s national survey. This year’s results indicate Indiana’s prices are 4% or 29 cents less per person than the average U.S. prices.
While inflation has slightly cooled nationwide, high interest rates and prices have generally curbed consumer spending in recent months. Janis Highley, second vice president of the INFB, said part of the reason the Indiana consumers may see lower costs at a grocery store or farmers market compared to restaurants is because there are lower overhead costs.
“There is a little glimmer of hope out there for us,” Highley told the Capital Chronicle. “Cooking at home, and these farmers markets and just farmers in general were resilient. And the good healthy food that we can provide for the consumers— this really shines a light on that.”
Which items saw price changes?
Costs for a 10-person summer cookout reached an all-time high in 2023, with the average total meal price reaching $69.48, according to data from the INFB. Todd Davis, chief economist for the INFB, said inflation for the cost of food purchased at grocery stores has been slower than the overall inflation for the economy.
Indiana’s prices are on par with prices for other Midwest states. Davis said the general location of Indiana helps keep the costs for consumers low.