Consumer Price Index: How Much More Did You Pay to Eat Out Because of Inflation in June?

Puzzled girl thinking how to pay for breakfast in a cafe - by a credit card or cash.
frantic00 / Getty Images/iStockphoto

June’s inflation report carried a whole menu of bad news for consumers, as overall prices rose more than 9% year-over-year to their highest level in more than four decades. The cost of eating out didn’t rise quite that high, but it still notched its biggest gain in nearly 41 years.

See: Consumer Price Index Reaches 9.1% With Gas, Rent & Cereal Seeing Highest Increases
Find Out: Did Inflation Increase the Price of Bacon, Eggs & Bread in June?

The overall Consumer Price Index for June 2022 increased 1.3% from the previous month on a seasonally adjusted basis, according to a U.S. Bureau of Labor Statistics report released on Wednesday. Year-over-year, inflation soared 9.1%.

The food away from home index for June climbed 0.9% on a monthly basis after rising 0.7% in May. The June index for full-service meals rose 0.8% from the previous month, while the index for limited-service meals increased 0.7%, matching May’s increase.

On an annual basis, the index for food away from home rose 7.7% overall — the biggest 12-month change since November 1981. The index for full-service meals increased 8.9% over the last 12 months, while the index for limited-service meals gained 7.4% over the same period.

Make Your Money Work for You

June’s numbers continued a months-long pattern of higher prices for eating out amid a move by restaurants, coffee shops, cafes, fast-food joints and other eateries to raise prices to help cover higher food and labor costs. Overall food prices have risen 10.4% over the last year, the BLS reported.

These price hikes have also been extended to food delivery services such as Grubhub and DoorDash, which have had to raise their delivery fees to help make up for record-high gas prices this year.

There might be hope on the horizon, however — at least in terms of food prices. Analysts at Morgan Stanley Research are forecasting that food prices will peak in 2022 and start falling in 2023.

Live Blog: Consumer Price Index Inflation Coverage and More Live Updates
Find Out: How Much More Did You Pay for Vacation Because of Inflation in June 2022?

“While we recognize investor concerns that food prices may escalate further, we believe the market is underappreciating the factors that will cause future food price increases to moderate,” Morgan Stanley Equity Analyst Roberto Browne said in a July report on the company’s website.

Make Your Money Work for You

Among those factors are an expected increased output by farmers, weather normalization and the potential for easing of tensions between Russia and Ukraine.

More From GOBankingRates

Share This Article:

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.

Best Bank Accounts of August 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.