Super Bowl 2023 party inflation: You'll save on wings and guac but pay up for beer
Super Bowl 2023 party plans are underway, and whether you're rooting for the Kansas City Chiefs, Philadelphia Eagles, or just going to watch the commercials, there's one thing all fans can agree on: not having to break the bank to have some friends over to watch the big game.
There's good news for all on that front. Despite rampant food inflation, the cost of chicken wings is down 22% compared to this time last year. As of Jan. 6, 2023, the average price per pound is $2.65, compared to $3.38 the week of Super Bowl 2022, according to a recent Wells Fargo report.
A larger supply of wings from poultry producers and decreased freight costs helped to drive prices lower, Wells Fargo economist Michael Swanson said.
"That extra supply has taken a lot of that fear premium out of the market, plus transportation is a big deal. We've seen freight rates across the country drop," Swanson said.
Per the latest CPI data, overall energy prices dropped 4.5% in December 2022 month-over-month, whereas moving, storage, and freight expenses dropped 1.3%.
For those in warmer parts of the U.S., grilling may be the way to go. Sirloin steak prices have dropped by almost $1 per pound, Wells Fargo noted in the report.
Of course, no Super Bowl party is complete without the sides, and there's good news for guac lovers: avocados are cheaper compared to 2021.
"[Avocados] are down 23% from this period a year ago," Swanson said. "It's interesting when we think about that last year, we were dealing with a snafu at the border. There was some back and forth between Mexico and the United States" regarding freight rates."
Chips to dip are going to cost you though.
"Fans are still favoring tortilla and potato chips as demand climbed in 2022 despite double digit price increases since 2021," the report noted.
And to wash it all down, if your drink of choice is beer, expect to pay more, with prices up 11% from a year ago. That's alongside soft drinks, up a staggering 25% in price.
If you're looking for something more cost-effective, Swanson said it may be sangria this Super Bowl weekend.
"Spirits and wine, two different categories are only up 2% and 3%, respectively...The wine market in particular, we know is very global— Australia, South America, Europe — all are great producers and so we're dealing with the fact that strong dollar has brought in more wine, so maybe it's sangria this year. I mean, it's going to be in Arizona, so let's put a little Southwestern spin on the celebration."
Beyond the big game though, Swanson expects food inflation overall to cool.
"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, so we're really kind of watching that very carefully, but once it starts, it's kind of an avalanche and so it's kind of working," Swanson said.
"We're looking forward to 2023 being a much better food environment for everybody across the categories."
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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