PredictIQ Quantitative Think Tank Center:Here's how to save money on your Fourth of July barbecue

Hot dogs are an American tradition. So’s wolfing them down in summer.

Cooking burgers at home is going to be three times cheaper than celebrating Independence Day at a restaurant this year, according to an analysis from Wells Fargo Agri-Food Institute. 

The cost of ingredients for a home-cooked, quarter-pound hamburger is substantially lower than what you'll pay for the same size burger at a restaurant this July Fourth. A burger cooked at home, including cheese, tomato and lettuce will cost $2.16, with labor costs subsidized by family or friends, of course. 

By contrast, that same classic sandwich at a restaurant will cost $6.95 on average, according to the report, which analyzed burger prices at five fast-food restaurants. 

Inflation at the supermarket has cooled, with the mid-June Consumer Price Index (CPI) for food at home rising just 1%, compared to almost 6% in mid-June 2023. Restaurants, however, are a different story. The mid-June CPI for food away from home rose 4%, driven in part by rising labor costs, which restaurants are passing along to consumers. 

"If you're trying to save money, it is a great time to fire up your grill and build your own burger at home," Courtney Schmidt, sector manager for protein at the Wells Fargo Agri-Food Institute, told CBS MoneyWatch. "It's always been cheaper to eat at home, but we are seeing a widening of that spread." 

"When you look at cost of food away from home, 70% of cost is not related to food. Only 30% of cost at restaurants is actually related to food costs. The other 70% you're paying for covers labor, convenience and overhead costs," Schmidt said. 

Savings on sides

You may want to consider making your own potato salad this year. White potatoes currently cost around $0.96 per pound across the U.S., or 4.4% less than they did last year, according to the Bureau of Labor Statistics (BLS). Even prepared potato salad purchased at the grocery store will cost less than at a restaurant, with prices down 0.7%.

Despite the cost of potatoes falling, don't expect to save money on chips, a staple at any cookout. In mid-June, potato chip prices were up 2.7% compared with the same period last year. That'll set you back, but hopefully not enough to forego them entirely. 

Another popular side, salsa, is up 2.5%. The price for its counterpart, guacamole, dropped 1.1%, according to data from NielsenIQ. 

Consider a fruit plate, too, as seasonal fruit costs are roughly in line with inflation. 

Liter bottles over cans 

Aluminum costs are driving up prices of 12-ounce soda cans, which are up almost 5% this year. You can save on beverages by buying two-liter bottles of soda, which are down 6%, according to the BLS. 

"Bring out the cups and share to save money," Schmidt said. 

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.