National Restaurant Brands Announce Menu Price Increases as Inflation Reaches 40-Year High

The cost of dining out isn’t going down any time soon. Restaurants have announced menu price increases for several months now as inflation continues to rise and reaches numbers that haven’t been seen in decades.

The U.S. Department of Labor released its latest numbers on consumer prices, showing that inflation rose 7.5% from February 2021 to February 2022, the highest increase since February 1982.

In the wake of the latest numbers from the Department of Labor, Bloomin’ Brands announced an increase in prices 5%, up from the original 3% it initially planned to increase, in order to combat economic pressures resulting from inflation. Also increasing menu prices is The Cheesecake Factory, which said it will raise prices 3.25% in February along with its new menu, with future increases expected throughout 2022. 

Shake Shack will raise prices by 3% to 3.5% in March, after raising menu prices in October 2021. “The environment of commodity and labor wage inflation is still taking material impact on our restaurant margins,” said Randy Garutti, chief executive officer of Shake Shack. “We expect this dynamic for the foreseeable future.”

As inflation continues and the Fed is expected to hike interest rates throughout the year to calm inflation, restaurant brands around the country are expected to continue to raise menu prices.

Related articles: 

• Inflation Hits 40-Year High of 7.5%: What It Means for Restaurants
• Why Value Will Make a Fast-Food Comeback in 2022