Connect with us

Hi, what are you looking for?

Money Management

Why It’s Getting So Much More Expensive To Eat Out

If you like to eat out, you’ve definitely noticed that it is getting more expensive.

Full-service restaurants across the US have been increasing their prices steadily over the years. Bloomberg has compiled data which demonstrates how food prices both at home and at restaurants have been rising together since the turn of the millennium. While this is typical and should always be expected, by 2012 the cost of eating out started increasing at rates which groceries did not. When adjusted seasonally, it is quite clear that the frugal American should eat at home as much as possible.

There are several reasons for the trend of fast-rising costs for eating out. Full-service restaurants in the US have been faced with increasing food and labor costs, which have been passed onto the consumer. According to a US Labor Department released in January, these costs led to the highest full-service restaurant cost increases seen in seven years in December of 2018. The situation has not grown any better throughout 2019.

The widening gap between the cost increases for groceries and full-service restaurants has been slowly becoming more clear to American consumers. The consumer price index, which includes basic necessities such as food and utilities is increasing at a rate resting around 0.1%, according to the Bureau of Labor Statistics. This doesn’t compare well when compared to the increases seen at full-service restaurants, which saw a 0.5% price increase in December of 2018 alone. This increasing gap may soon push Americans to eat at home a lot more.

You May Also Like

News

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...