Americans gathering at Super Bowl parties this Sunday will feast on such traditional fare as chips and guacamole. Also on the menu this year: a big helping of food price inflation.
Americans consume more food on the day of the Big Game than on any day of the year, with the exception of Thanksgiving. This year, that will come at a greater cost.
Using Gro’s newly launched Custom Price Indices application, we created separate indices to measure changes in ingredient costs for typical food items served at Super Bowl parties, from chicken wings and beer, to nachos loaded with meat, beans, and cheese. All told, the ingredients to make all those Big Game party mainstays cost 20.1% more than a year ago. Much of that price inflation, which has squeezed manufacturers’ profit margins, is being passed along to consumers.
No Super Bowl party is complete for most people without chicken wings — Americans eat over 1.4 billion of them on Big Game day — but their cost since the last Super Bowl has gone up 25.9% to a multi-year high. COVID production constraints kept chicken wing inventories low and prices high for nearly two years. Additional supply has built slowly, and inventories only recently returned to normal levels.
Other popular Big Game fare:
Rising party food costs for Super Bowl LVI mirrors a worldwide trend of higher food inflation resulting from unprecedented supply and demand shocks, tight food supplies, and extreme weather events. US consumer food prices overall are currently up 30% year over year, according to Gro’s US Food Price Index, and Gro expects higher food prices will remain a concern well into 2022. For a daily reading of food inflationary trends, follow the Gro US Food Price Index, which provides an inflation estimate up to six weeks ahead of when official US government data becomes available.