A 2022 Wells Fargo report found that rising costs had increased the price tag of a Super Bowl watch party by as much as 14 percent. However, this time around, the data suggest some hope for NFL fans looking to tackle the effects of inflation.
At-home food prices have risen by more than 11 percent over the past year, but some game day favorites like chicken wings and guacamole will cost less ahead of this season’s big game. Wings and sirloin steak will run consumers almost a full dollar less compared to last year, while the price of avocados has also dropped, falling by about 12 percent. Though the costs of some game day favorites, like potato chips, soft drinks and beer, have risen from a year ago, their increase is expected to be outweighed by the dip in costs of some more expensive items.
Experts expect Super Bowl LVII parties will still be among the priciest in history. According to consumer data tracker Statista, the average amount spent per person for a party this year will be the third highest total since Super Bowl XLV in 2011.
“With chicken wings, poultry farmers have been able to grow the bird supply to levels we haven’t seen since 2019, and that’s helping bring down prices. But zoom out a bit and your overall food bill for the big game is probably still going to be more expensive than years past,” Straight Arrow News Business Correspondent Simone Del Rosario said.
Despite fans still having to spend more in some areas, experts believe the price drops measured across other products represent an encouraging sign for the future of the food market. Economists are predicting that these decreases will bring a further easing of high costs at the grocery store in the coming months.
“Even though we see pretty dramatic drops at the wholesale price or producer price, it takes quite a lag to get that to drop at the supermarket. I mean, so we’re really kind of watching that very carefully. But once it starts, it’s kind of an avalanche,” Wells Fargo Chief Agricultural Economist Michael Swanson said. “And so it’s kind of working. We’re looking forward to 2023 being a much better food environment for everybody across the categories.”
