Posted 2/26/2024, 4:15:00 PM
Food Prices Reach 30-Year High as Restaurants and Grocers Pass Rising Costs to Consumers
- Americans spent over 11% of disposable income on food in 2022, highest percentage since 1991
- Food prices remain high despite slowing overall inflation
- Restaurant prices rose over 5% in January 2023 compared to a year ago
- Minimum wage increases are driving up labor costs for restaurants and food companies
- Companies accused of raising prices more than needed and reducing food amounts sold
