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.