With the pandemic subsiding and alleviated restrictions enticing consumers to head out, restaurants have seen an enormous surge in business. While many restaurants suffered tremendous setbacks during the height of the pandemic, some have reopened and hired back once laid off employees. Adding to the challenges are increasing costs for food and labor, which have both risen substantially since last year. Consequently, many restaurants are passing along higher costs in the form of more expensive menu prices.
The Bureau of Labor Statistics tracks prices on what consumers use regularly, such as food. What it found is that the costs of eating at restaurants, categorized by the bureau as “food away from home,” had gone up the most relative to other food options.
Source: Bureau of Labor Statistics