Inflation is driving up the cost of Fourth of July celebrations for Americans, with the average cost of a party for 10 people reaching a record high of $71.22, up 5% from last year. Staples like ground beef, pork chops, and potato chips have seen significant price increases, while some items like chicken breast and potato salad have decreased in price. President Biden's attempts to address inflation come amidst criticism, with claims that his policies have contributed to the rising prices. The impact of inflation on holiday gatherings reflects broader economic challenges facing American families.