August Menu Prices
Menu Price Growth: The Bureau of Labor Statistics (BLS) data shows a slowing growth in menu prices in August, with the Consumer Price Index for Food Away from Home grew by 6.5% YoY, marking the smallest 12-month increase since January 2022.
Grocery Price Deceleration: The Consumer Price Index for Food at Home rose by 3.0% YoY, the smallest increase since August 2021
Overall Consumer Prices: There was a 3.7% increase YoY, an acceleration mainly due to rising gas and energy prices.
Core CPI: Excluding food and energy, it increased by 4.3% YoY, marking the smallest 12-month increase since September 2021.
Food-Away-From-Home Sector: In August limited-service menu prices grew by 6.7%, while full-service menu prices rose by 5.2%. Prices for food from vending machines and mobile vendors surged by 15.6%. The price index for food at employee sites and schools skyrocketed by 57.6%, influenced by the expiration of free school lunch programs.
Regional Data: The Northeast, South, and West regions saw the highest menu price increases, with rates of 7.0%, 6.7%, and 6.7% respectively. The Midwest region experienced a 5.8% increase.
Restaurant Traffic
Casual Dining traffic slowed 0.12bps WOW ending September 11 to (-6.7%) versus a decline (-3.3%) for the month of August.
Quick Service weekly traffic improved 59bps WoW ending September 11 to (-2.7%) versus (-2.4%) in August
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