Home cooking
For many, there is nothing better than a home cooked meal with family. Although overall inflation has declined by more than half in the last year, the price of eating out continues to rise faster than eating in. According to the US Bureau of Labor Statistics consumer inflation data release yesterday, the price of food at home rose 1.7% year over year compared to 5.3% for meals away from home. Continued inflation pressure at restaurants is largely driven by service sector wage increases which have outpaced inflation. This inflation trend has mildly dented restaurant demand. According to Open Table, after a strong start to 2023, the number of seated diners at restaurants has declined more than 3% year over year in recent months.
Source: US Bureau of Labor Statistics, December 2023