The attention on fast food today isn’t because of flavor or health, but focuses more on low prices.
NORFOLK, Va. — Fast food is, for better or for worse, part of our nation’s fabric.
We’ve been turning to the taste and convenience of these restaurants for a century now.
But the attention on fast food today isn’t because of flavor or health, but rather price, according to the National Restaurant Association.
Let's wind back the clock to a situation we haven’t experienced in more than 40 years.
1981 was the last time the price of a burger and fries jumped as much as we’re seeing in 2022, when you look at changes year over year.
Back then, a Big Mac from McDonald’s would set you back $1.30.
Today, the popular menu item averages around $6, just for the sandwich, which is a 7% increase compared to 2021.
Economists attribute the jump in prices partly to the rise in fuel costs. Many restaurants are also dealing with higher ingredient costs from producers, paired with an increase in hourly wages – both up 15% and 12% over the last year.
Even with rising menu prices, fast food is hard for people to give up.
After all, many customers have made the fried fix part of their daily or weekly routines for decades.
Even if you decide now is a good time to break the habit, it might not save you as much as you think.
Although menu price growth reached a multi-decade high in recent months, it remained well short of the also-significant rise in grocery store prices. Grocery store prices jumped 10.0% between March 2021 and March 2022. That's the strongest 12-month gain since 1981.
