Inflation squeezes Wyoming residents as even BBQ costs hit record highs

by Aaron Pelczar, Cody Enterprise

Via Wyoming News Exchange

As the summer sun blazes, so does the financial strain on Wyoming residents. This year, the cost of hosting a traditional backyard barbecue reached unprecedented levels, reflecting broader economic challenges faced by consumers nationwide.

According to Rabobank’s 2024 BBQ Index, the cost of hosting a 10-person barbecue has surged to $99, marking the highest on record. This represents a significant increase from previous years, driven by rising prices of essential items such as ground beef, chicken and beer.

The index highlights a 32% increase in BBQ costs since 2019, underscoring the impact of inflation on everyday activities. And the rising costs are not limited to barbecues.

Wyoming residents, like many Americans, are grappling with broader economic pressures. Inflation has eroded purchasing power, and wages have not kept pace with the increasing cost of living. This has forced many to rely on credit cards to make ends meet, exacerbating financial stress.

“Consumers are feeling the pinch more than ever,” said Tom Bailey, senior consumer foods analyst at Rabobank. “The combination of stagnant wages and rising prices is creating a perfect storm of financial hardship.”

The financial strain is evident in borrowing patterns.

Recent data from the Federal Reserve shows that U.S. consumer borrowing increased by $11.4 billion in May, the most significant rise in three months. This increase reflects a jump in credit card balances as consumers turn to borrowing to cover everyday expenses.

Comparatively, Wyoming residents were much better off in 2018 and 2019. During those years, inflation was relatively low, and wages were more aligned with living costs.

The Consumer Price Index for the Mountain-Plains region, which includes Wyoming, showed an average annual inflation rate of around 2.3% in 2018 and 1.8% in 2019, significantly lower than the recent peaks of over 8% in 2022.

Additionally, the average monthly wage in Wyoming increased modestly from $3,791 in Q1 2018 to $3,904 in Q1 2019, reflecting a stable economic environment.

Conversely, the average monthly wage in Wyoming rose to $4,961 in the first quarter of 2024, but this increase has not kept pace with the soaring costs of goods and services, leading to a decline in real purchasing power.

As Wyoming residents navigate these challenging economic times, the importance of financial resilience and community support becomes ever more critical. The rising costs of everyday activities, such as hosting a barbecue, serve as a stark reminder of the broader economic issues at play.