Fast food inflation: Which chains are raising prices the most?

(Stacker) – It’s no secret that things are always very expensive. From home prices to personal belongings, the cost of living in the US has increased by 22% since 2019, leaving consumers looking for ways to combat rising costs.

As Americans struggle to find better ways to budget, one historic wallet option, fast food, is becoming less and less cost-effective. In fact, food prices are rising faster than the country’s inflation rate in some cases, which has caused an uproar on the internet and social media.

Have fast food prices really changed that much? And if so, how much? FinanceBuzz, is always looking for ways to save money and wanted to better understand how much a trip to the car was costing customers. To find out, FinanceBuzz collected price data from 12 popular fast food restaurants over the past ten years and calculated how much prices have risen compared to the national average.

How do fast food prices compare to real food?

According to the Bureau of Labor Statistics, the price of goods in the US has increased by 31% since 2014, which means that $100 in 2014 dollars is equal to $131 in 2024 dollars. Most of this change has occurred in the last 5 years – inflation has increased by 22% since 2019.

So how does the average price of a meal at popular fast food restaurants compare to those rates?

FinanceBuzz surveyed restaurants that raised prices by 60% on average between 2014 and 2024. That means they raised prices at nearly double the national inflation rate.

Five different restaurants – McDonald’s, Popeyes, Taco Bell, Chipotle, and Jimmy John’s – raised their prices at more than twice the national rate. McDonald’s raised prices so much that their menu prices increased more than three times the national inflation rate.

Outside of the golden arches, the data reveals more than a 75% price increase at Popeyes, Taco Bell, and Chipotle over the past 10 years. On the other hand, Subway and Starbucks kept prices more stable than any other big chain, but they still outpaced national inflation. Here are some notable examples.

Gold prices at the Golden Arches: McDonald’s prices have risen the most

The worst offender due to massive price increases is McDonald’s – a chain that has recently gone viral for all the wrong reasons. The $18 Big Mac combo has garnered so much attention online that McDonald’s CEO has promised to be able to pay for it during the latest earnings call. According to our data, McDonald’s prices have doubled since 2014, with an average price increase of 100%.

In general, this rate is more than three times the national inflation rate at the same time. Another example of comparison is the McChicken sandwich: once the centerpiece of the $1 menu in 2014, the sandwich now costs $3 elsewhere, a 200% increase.

Some of the original menu items, such as the McDouble and a simple order of medium fries were among the worst additions to McD’s menus.

What Consumer Prices Mean for Food

While the incremental changes in fast food prices may not be reflected in the highest dollar changes in consumer wallets, they are an example of a new financial situation in the US – the dollar of It doesn’t work as well as it did in America. families need to find a way to make it work.

Another area where many Americans have been feeling pressured is car insurance. With premiums rising more than 20% in the past year, many are looking for cheaper car insurance options. Like fast food, rising prices tend to hurt low-income people the most.

Others are turning to credit cards to bridge the gap. After several years of declining balances, credit card debt is back at an all-time high. Cards with cash transfer incentives and a 0% introductory APR offer an attractive proposition for anyone trying to make a dent in their monthly budget or looking to get out of debt.

For some, there is no way to stretch more money from their current income, so they turn to ways to make extra money on the weekends or find higher-paying jobs. With no easy fix and no relief in sight, inflation is likely to remain a concern for Americans heading into this year’s presidential election. In fact, a recent FinanceBuzz survey found that inflation is the top financial issue among American voters right now.

Some notable examples of fast-inflation

Taco Bell

• Average price increase: 81%
• Price rise: A Doritos Locos Taco went from an average price of $1.39 in 2014 to $2.59 in 2024 (+86%), while a Cheesy Gordita Crunch doubled in price from $2.49 in 2014 to $4.99 today . Beefy 5-Layer Burrito, which went from a regular price of $1.59 in 2014 to today’s price of $3.69. That’s a 132% increase.

Chipotle

• Average price increase: 75%
• Price rise: In 2014, hungry customers could get an entree, such as a burrito, bowl, or tacos, for less than $6.75 on average. All those meals cost $10.50 or more today. And while guac has always cost more, it costs 64% more now than it did 10 years ago ($1.80 to $2.95 on average).

Starbucks

• Average price increase: 31%
• Price rise: Interestingly, some popular Starbucks menu items have kept pace with inflation, such as their Chai Tea Latte (+30%) and their Mocha Frappuccino (+32%). Even better for Starbucks fans and their wallets, the cost of certain items like the Caffè Latte (+22%) and Caramel Macchiato (+17%) have actually risen at a slower rate than inflation, which is which makes it a better price now than in ten years. ago.

Full results and methodology

For the full methodology and chart with all the data collected, please visit the full study.

Easy ways to save on your next fast food order

• Earn money and rewards. Learn about the best credit cards to use when you eat. These cards can help you get money or discounts when you go out to eat.
• Download mobile apps. Many fast food restaurants, including McDonald’s, offer discounts and deals for using their mobile app.
• Check out the upcoming deals. McDonald’s is reportedly considering offering $5 meal deals to win over customers who are unhappy with the price hike. Look for other fast food chains to follow suit.

This story produced by FinanceBuzz and reviewed and distributed by Stacker Media.

Copyright 2024 Stacker by Gray Media Group, Inc. All rights reserved.