When the price of a food item increases significantly (such as beef reaching $9.64 per pound), consumers tend to substitute with cheaper alternatives like chicken and salmon, while also adjusting related purchases like avoiding expensive toppings (tomatoes up 40%) and choosing more affordable sides (potatoes remain cheaper).
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Why your summer BBQ may cost moreAdded:
The high cost of meat may burn a hole in your wallet this summer. Average retail prices for beef hit a record $9.64 per pound last month.
>> I've been in this business over 50 years right now, um, and I've never seen the meat prices so high. Chicken and salmon are a cheaper option for your summer barbecue, and you may want to avoid tomatoes on your burger. Prices are up 40% from last year. The good news is potatoes are cheaper, so enjoy some french fries.
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