Bad news for American consumers: It’s getting more expensive to dine out, and it’s getting more expensive to eat at home.
This past year has been hard for the entire world as the COVID-19 pandemic does not seem to come to an end. Besides restrictions and hardships endured by the globe’s population, a lot of goods have become more expensive, due to this global crisis.
A recent survey showed that Americans are paying more and more to dine out, but it is also becoming increasingly expensive to shop for groceries and cook at home.
In the past 12 months, restaurant prices have increased by 5.8%, according to the Bureau of Labor Statistics and such a large sudden increase did not happen since 1982.
The survey brought bad news for those who prefer home-cooking as well, as even though it previously was a cost-saver, grocery prices have jumped by 6.4% since last December.
The last such dramatic increase was back in December 2008. So far, it looks like consumers have accepted the increase in prices and they are still willing to pay a higher price just to be able to spend time at a restaurant.
Higher prices at the grocery store will likely stick around into next year. Major manufacturers like Kraft Heinz (KHC) and Mondelez (MDLZ) have said that they plan to hike prices for their retail customers in early 2022.
That’s all allowed companies to pull back on or eliminate discounts, because demand is strong and they don’t want to run out of their limited supplies.
