Restaurant prices are increasing faster than grocery costs for the first time since inflation became a bigger consumer issue over the past year.
The cost of eating outside the home is up 8.8%, while grocery shopping has seen an 8.4% jump in the same time period, according to a CNBC report citing Department of Labor data.
Full-service restaurant menu prices rose 8% between March 2022 and March 2023, while prices for limited-service meals and snacks were up 7.9%, according to a National Restaurant Association post.
Sharp increases in food and labor costs are having a dramatic impact on restaurants’ bottom line, according to the NRA, as wholesale food prices are up nearly 13.2%.
