{"id":12953,"date":"2023-11-14T16:53:22","date_gmt":"2023-11-14T16:53:22","guid":{"rendered":"https:\/\/infundpros.com\/business\/restaurant-prices-are-way-up-you-might-want-to-head-to-the-supermarket\/"},"modified":"2023-11-14T16:53:22","modified_gmt":"2023-11-14T16:53:22","slug":"restaurant-prices-are-way-up-you-might-want-to-head-to-the-supermarket","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12953","title":{"rendered":"Restaurant prices are way up. You might want to head to the supermarket"},"content":{"rendered":"
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\n If you\u2019re watching your budget, it might be time to skip the drive-thru and head to the supermarket.\n <\/p>\n

\n In the 12 months through October, higher restaurant prices drove food prices above overall inflation, even as grocery prices were relatively low.\n <\/p>\n

\n For the year, grocery prices rose 2.1%, according to Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. But menu prices were up 5.4%, driven largely by a 6.2% rise at limited-service restaurants, which include fast food and fast casual spots. At full-service restaurants, where servers take your order at the table, prices were up 4.3% for the year, according to the BLS.\n <\/p>\n

\n Food altogether rose 3.3%, just above an overall price increase of 3.2%.\n <\/p>\n

\n Many fast food and fast casual places say they\u2019ve seen some benefit from customers trading down from pricier options. For <\/strong>those businesses, higher prices have not led to lower sales.\n <\/p>\n

\n Chipotle, for example, said in October that it would raise prices again. The year before, it had said prices were up about 13% annually. And when the company reported earnings later that month, it warned that it might raise prices yet again in California, blaming a new law that raises minimum wages for fast food and fast casual workers in the state.\n <\/p>\n

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\n <\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Still, Chipotle\u2019s total revenues grew 11.3% to $2.5 billion in the quarter ending September 30, the company said. In that time, sales at restaurants open at least 13 months jumped 5%.\n <\/p>\n

\n McDonald\u2019s has also raised prices quite a bit. During an October analyst call, the company\u2019s CFO said McDonald\u2019s expected US prices to be up over 10% for the year. Still, at McDonald\u2019s US locations open at least 13 months, sales grew 8.1% in the quarter.\n <\/p>\n

\n For a while, grocery price increases were outpacing menu price increases, helping restaurants make the case that their meals were a good value. That\u2019s no longer the <\/strong>situation \u2014 but some grocery items did notch higher increases, particularly in the meat aisle.\n <\/p>\n

\n Over the course of the year, uncooked beef steaks rose 10.6%, with uncooked beef roasts rising 9.7% and uncooked ground beef jumping 7.9%, as the US cattle supply remained tight. Pork chops got 4.3% more expensive, and hot dogs went up 4.9%. Poultry rose 1.1%.\n <\/p>\n

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\n \"Beef<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Elsewhere in the grocery store, sugar spiked 8.8%. Frozen fruits and vegetables together rose 8%, and bread prices jumped 6.3%.\n <\/p>\n

\n Many items got cheaper, however.\n <\/p>\n

\n Eggs, once the poster-child for massive price increases, were down 22.2% for the year as US egg supplies increased. <\/strong>Fresh fish and seafood dropped 3.6%.\n <\/p>\n

\n In the produce aisle, lettuce dropped 4.5%, apples declined 3.9% and potatoes fell 3.3%. And on dairy shelves, butter fell 3.7%, cheese was down 1.9% and milk declined 1.6%.\n <\/p>\n

\n From September to October, adjusted for seasonal swings, many individual items got pricier in the store.\n <\/p>\n

\n Grocery prices rose 0.3% and menu prices rose 0.4% in that period. At limited-service restaurants, prices were up 0.5%. Altogether, food prices ticked up 0.3%, while all items remained flat.\n <\/p>\n

\n That month, uncooked beef roasts rose 4.1%, and uncooked ground beef went up 1.5%. Pork chops rose 3.5%, and bacon went up 1.8%. Hot dogs jumped 2%. Poultry rose slightly, 0.3%. And though eggs are down quite a bit over the course of the year, they were up 0.1% in October.\n <\/p>\n

\n Citrus fruits rose 2.9%, butter jumped 2.1% and sugar rose 1.6%. Bread and milk each got 1% more expensive and flour rose 0.9%.\n <\/p>\n

\n Some items did get less expensive, particularly in the produce section.\n <\/p>\n

\n Apples plunged 7.9%, potatoes dropped 2.7%, tomatoes fell 1.7% and lettuce went down 1.1%.\u00a0Rice got 0.9% cheaper, and fish and seafood slipped 0.1%.\n <\/p>\n

\n On a sweet note, ice cream dropped 1.4%, and packaged cookies fell 1.1%.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re watching your budget, it might be time to skip the drive-thru and head to the supermarket. In the 12 months…<\/p>\n","protected":false},"author":1,"featured_media":12954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-12953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nRestaurant prices are way up. You might want to head to the supermarket | inFundPros<\/title>\n<meta name=\"description\" content=\"If you\u2019re watching your budget, it might be time to skip the drive-thru and head to the supermarket. 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