New York (CNN Business) Bad news for American consumers: It's getting more expensive to dine out, and it's getting more expensive to eat at home.
Restaurant prices spiked 5.8% over the 12 months ending in November without seasonal adjustments, the Bureau of Labor Statistics said Friday . That's the largest 12-month increase since the year ended January 1982.
And unfortunately for those hoping to curb spending by turning to home cooking, grocery prices are also at record highs: They jumped 6.4%, the largest 12-month increase since December 2008. Beef had the most dramatic increase with a 20.9% spike in prices.
The sharp increases underscore the fact that restaurants and food makers are not immune to supply chain and labor pressures contributing to pricing increases across the board.
Yet they've found customers are willing to spend more. In fact, restaurants have been raising prices as their own food and labor costs rise, and so far, they say, consumers have accepted the hikes.
Geisterwand on December 12nd, 2021 at 18:28 UTC »
I work in a very large grocery chain in Canada as the guy who adjusts price labeling in stores.
For the last few months, nearly every week I get up to several hundred new price labels where the cost of the item rises anywhere between 5~25%. It's getting insane.
Natureluvver on December 12nd, 2021 at 17:36 UTC »
"consumers have accepted the price hikes" it's literally FOOD, what are we supposed to do STARVE??
BlandSlamwich on December 12nd, 2021 at 14:28 UTC »
Prices haven't even gone up slowly. It was like one day everything went up by as much as 25% with no warning.