Data reveals the point at which consumers tend to drop off
Welcome to First Bite, a Nation’s Restaurant News podcast, your daily source of news from NRN.
Today, we’re talking about raising menu prices.
With continued supply chain issues and inflationary pressures mounting, it’s no wonder that most restaurants raised their prices this year. According to the Bureau of Labor Statistics’ Consumer Price Index, food away from home prices increased 8% from Aug. 2021 to Aug. 2022.
But where can you find the biggest price increases? According to research published by personal finance technology company, MoneyGeek, San Francisco has edged out Los Angeles and New York City to be named the most expensive city for a burger, fries and a soda, with the average meal at major chains costing $15.30 in San Francisco, $14.59 in Los Angeles, and $14.22 in New York City.
And while it is true that nearly every restaurant chain raised its prices at least once over the past year, some did so more than others.
For more on the subject, we talk to senior editor Joanna Fantozzi.
Plus, catch up on all the top news of the day with our daily news recap at the beginning of each episode.
Be sure to subscribe to First Bite wherever you get your podcasts or on Spotify, or Apple Podcasts.
