Restaurants, in particular, have been hit hard by the pandemic and inflation. Wholesale food costs for things like eggs, butter, and flour have skyrocketed over the past 12 months.
FILE IMAGE - A $20 bill is seen on top of a restaurant check in an undated image taken in Enterprise, Oregon. , food prices remain high — leaving a heavy burden on both American households and the restaurant industry.
Meanwhile, menu prices increased just 7.7% during this same time period, and the average restaurant’s pre-tax margins have fallen to around 1%, according to theThere are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation. The data came from Lightspeed, a global provider of point-of-sale software for retail stores and restaurants.Increasing prices and worker shortages have put an end to free refills at many restaurants, according to OpenTable’s report.Instead of raising the price of chicken items by $2 to account for poultry being up 13% since last year, OpenTable said some restaurants opted to increase several dishes across the menu by $1.
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