This Fourth of July, cookouts will be more expensive than ever before as everybody gathers for fireworks, food, and parades with friends and family.

Despite a significant decline from its peak of 9.1% in June 2022, inflation still exceeds the Federal Reserve’s 2% target, standing at 3.27% as of May. High inflation has put a significant financial strain on most households, with grocery prices rising over 21% since 2021.