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Restaurants Increase Menu Prices Due to Inflation
Costs for fast-food and full-service goods rose significantly in December, causing many restaurants to reevaluate menu pricing.
Your favorite value meal might offer a little less value this year.
New numbers from the U.S. Bureau of Labor Statistics show that the cost of full-service menu items rose 8% in December while prices for quick-service menu items went up 6.6% due to inflation reaching a 40-year high.
The rising costs of food and labor is causing some restaurants to increase their menu pricing. According to Restaurant Business Online, restaurant-related inflation rose 0.6% in December and 6% total in 2021, the largest increase since 1982.
Prices are not expected to drop before the end of 2022, and some businesses have announced plans to raise prices on items typically marketed as value items.
Of course, restaurants are also still contending with widespread labor shortages, and the rapid spread of Omicron isn’t helping either crisis. 2022 may be another tough year for restaurants.
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