Restaurant prices spiked 5.8% over the 12 months ending in November without seasonal adjustments, the Bureau of Labor Statistics said Friday.
That’s the largest 12-month increase since the year ended January 1982.
Grocery prices jumped 6.4%, the largest 12-month increase since December 2008.
Beef had the most dramatic increase with a 20.9% spike in prices.
McDonald’s (MCD) said in October that it expects menu prices to be about 6% higher this year compared to last. They said people are taking it well. That’s hard to believe.
Food manufacturers and grocers have faced higher costs for commodities, labor and transportation.
Manufacturers are passing higher costs to consumers.
Major manufacturers like Kraft Heinz (KHC) and Mondelez (MDLZ) have said that they plan to hike prices for their retail customers in early 2022.
Lettuce prices climbed 6.9% and fresh fruit went up 2.2% on a seasonally adjusted basis. Oranges, including tangerines, rose 2.4%. At the opposite end of the spectrum, treats like fresh coffee cakes and donuts jumped 3.5% in price.
Pork prices grew 2.2%, with breakfast sausages up 2.7% and hot dogs 2.8%. Pork roasts, steaks, and ribs rose 3.7%.
Hot dog, sausage, and burger makers have warned retailers that they plan to increase prices for some frozen and refrigerated meats in January.
Consumer price inflation, which includes gas prices and other categories, rose by 6.8% in the 12-month period ending in November, hitting its highest level in 39 years.
There is no end in sight and the rules Biden’s comrades just approved will only make it worse as the Left destroys the energy sector and puts more regulations on our supply chain
Thank a Democrat!
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