Menu Prices Are Rising, But Loyalty Programs Can Help Restaurants Stay Ahead
3 Min Read By Laurent May
It’s an unsavory fact: food is getting more expensive.In October, the USDA reported year-to-date averages, noting that food-at-home (grocery store) prices have increased 2.5 percent and food-away-from-home (restaurant) prices have increased 3.6 percent. If current projections from the U.S. Department of Agriculture prove accurate, this is a trend that is likely to continue—according to the forecast for 2022, food-at-home prices are expected to increase between 1.5 and 2.5 percent, and food-away-from-home prices are expected to increase between 3 and 4 percent.
From a consumer perspective, this means not only that food is more expensive across the board, but also that restaurant prices are rising at a higher rate than grocery-store prices, which might make going out to eat a less appealing option than dining at home.
This menu price inflation has a number of causes, from higher raw-ingredient costs to an unprecedented labor shortage in the hospitality industry. Not all…
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