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Price of Dining Out Rises, Making Cooking at Home Cheaper

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Price of Dining Out Rises, Making Cooking at Home Cheaper

Americans are finding it increasingly cheaper to eat at home than out, according to January Consumer Price Index (CPI) data. Grocery prices rose 1.2% year-on-year, while the price of food consumed in restaurants rose 5.1%, making the cost of eating out more expensive. This trend has implications for the economy, especially as some prices for essential groceries continue to rise.

Inflation and rising food prices could pose problems for President Joe Biden’s campaign as consumers feel the impact of higher prices on their budgets. The gap between the rate of inflation for groceries and restaurant food has grown, with food prices rising 8.2% and grocery prices 11.3% in January 2023 compared to the previous year.

One key factor contributing to the price increase for restaurant food is the rising demand for services, which has put upward pressure on wages. The wage pressures are particularly apparent in sectors such as health, public administration, and leisure and hospitality. As a result, many businesses are having to raise wages to attract and retain labor.

However, not all food categories are seeing price increases. Fresh vegetables, for example, have become more expensive with prices increasing by 2.4% last month. Meanwhile, ham, canned fish and seafood, eggs, lettuce, and apples have all experienced price declines.

Overall, the impact of rising food prices and inflation is significant, affecting the daily lives of Americans and potentially posing challenges for businesses and policymakers. The increasing cost of dining out, combined with rising expenses for groceries, continues to be a concern for many consumers.

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