Diners may be seeing substitutions on menus as inflation continues to send food prices soaring, industry experts anticipate.
Meat prices continue to rise with the price of beef and veal up 3.3% from April 2020, according to data released by the Bureau of Economic Analysis. The price of pork also spiked to 2.6% in April and was up 4.8% compared to April 2020. Poultry prices were also up about 1% in April.
“Right now you’re looking at significant food cost increases — a case of chicken was $40, now it’s about $130 per case. Prices are going up at about 1.5% or 2% per month. You’re going to start seeing the dumbing down of food [on menus as a way for restaurants] to try to stay ahead of this inflation,” Ed Rensi, the former CEO of McDonald’s USA, told FOX Business Thursday.
Data from the U.S. Labor Department’s consumer price index released Thursday shows that prices for products have surged 5% from a year earlier, the biggest increase since the 5.3% surge in August 2008 ahead of the financial crisis.