Date: Friday, February 3, 2023
Football fans can rejoice: Wings and guacamole are plentiful and affordable again.
The price of chicken wings has plunged 22% from last January according to a report from Wells Fargo’s Agri-Food Institute. Then, whole chicken wings were priced at $3.38 per pound, according to a USDA weekly retail price report. Now, they sell for $2.65 per pound as poultry farmers pushed the supply of birds to the highest level since the beginning of 2019.
It’s good news for US consumers who have been paying up to eat: food inflation ended last year up 11.8% at home and 8.3% away, compared to 2021. Lower prices signal supply chain snarls and other challenges for food producers and manufacturers are easing, just in time for Super Bowl watch parties. December data suggest overall inflation may have peaked, with prices of groceries notching the smallest monthly increase since March 2021.
Avocados are another bright spot with prices down 20% versus a year ago due to increased plantings and strong crop yields, USDA data show. In Mexico, an important source of the fruit for the US, prices have dropped 40% from a year ago, according to a Bloomberg Index. And sirloin steak is down $1 per pound since last December, according to Federal Reserve Economic Data.
It’s not all good news for revelers. Beer and wine prices are up 11% and 3%, respectively. Wells Fargo suggests serving sangria or a batch cocktail at your shindig. Soft drinks have soared 25% due to an increase in the cost of ingredients and shipping, though consumers might not notice it too much — the average price of a two-liter bottle is $2.13.
Super Bowl LVII will kick off Sunday, Feb. 12 with the Kansas City Chiefs taking on the Philadelphia Eagles.