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New Delhi: While the <keyword id="20199673" type="General" weightage="20" keywordseo="moderation" source="keywords">moderation</keyword> in <keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword> <keyword id="19895000" type="General" weightage="100" keywordseo="inflation" source="keywords">inflation</keyword> is a welcome development, experts caution that the road ahead could be bumpy. The sequential momentum in <keyword id="19960157" type="General" weightage="20" keywordseo="food-prices" source="keywords">food prices</keyword> remains strong, with a 2.5 per cent month-on-month increase in prices, higher than the average sequential growth, indicating that inflationary pressures may persist. The uneven distribution of monsoon rainfall and the potential for excess rainfall in the coming months pose additional risks to food prices. RajSinha, Chief Economist at CareEdge, noted, "Despite the moderation in the inflation of the food and beverage basket when compared to last year, the sequential momentum remains strong, with a 2.5 per cent M-o-M increase in prices, higher than an average sequential grow." Dharmakirti Joshi, Chief Economist at CRISIL, highlighted the impact of the high-base effect, stating, While the high-base effect -- along with sequential monthly movements -- was supportive of food inflation, it had an adverse bearing on core inflation. The big worry now is food prices continue to be elevated with the on-month rise slightly higher than usual for July. "The good part is monsoon and sowing have been progressing well and the expectation is that the arrival of fresh supplies in the market should over the next few months curb the food price rise. Overall, though, we expect inflation to ease and average 4.5 per cent this fiscal mostly due to softer food prices. This should allow the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> to begin cutting earliest by October", Joshi added. Raghvendra Nath, Managing Director of Ladderup Wealth Management, expressed optimism regarding the CPI data, stating, "This decline is primarily attributed to a reduction in the Consumer Food Price Index, which fell from 9.36 per cent in June to 5.42 per cent in July. This improvement should offer reassurance to the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI), which has indicated that <keyword id="19920341" type="General" weightage="20" keywordseo="rate-cuts" source="keywords">rate cuts</keyword> will occur only when inflation sustainably aligns with its 4 per cent target. He added, "Positive expectations for the monsoon and adequate buffer stocks support the continued downward trend of CPI. However, any substantial rise in crude oil prices due to the ongoing geopolitical crisis could adversely affect inflation and the broader economy." Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, also commended the decline in CPI inflation, stating, "It is highly appreciable that the CPI inflation has exhibited a decline in the year-on-year inflation rate at 3.5 per cent for the month of July 2024 from 5.08 per cent in June 2024." He added, "The food and beverages inflation eased sharply from 8.4 per cent in June 2024 to 5.06 per cent in July 2024 and fuel and light inflation from -3.7 per cent in June 2024 to -5.4 per cent in July 2024, are the main drivers of the softening inflation trajectory." India's Consumer Price Index (CPI) inflation eased significantly to 3.54 per cent in July 2024, marking its lowest level in nearly five years and a sharp drop from 5.08 per cent in June. This decline, which brought inflation below the Reserve Bank of India's (RBI) medium-term target of 4 per cent for the first time since 2019, has been largely attributed to a favourable base effect and a dramatic reduction in <keyword id="20621131" type="General" weightage="20" keywordseo="vegetable-prices" source="keywords">vegetable prices</keyword>. The primary driver behind this sharp moderation was the steep fall in vegetable inflation, which plummeted from 29.3 per cent in June to 6.8 per cent in July. The Consumer Food Price Index (CFPI) also saw a significant reduction, falling from 9.36 per cent in June to 5.42 per cent in July, contributing to the overall easing of CPI inflation. (ANI)

Experts welcome moderation of inflation in July, by warns of continued inflationary pressure ahead

<ul class="summary-list"><li>President-elect Donald Trump said he would implement tariffs on imported goods.</li><li>Economists said the proposals could boost inflation and raise prices for consumers.</li></ul>One of the first policies President-elect <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Donald Trump</a> is expected to enact after being sworn into office is imposing <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10#imported-goods">taxes on imported goods</a>.Many economists say these tariffs, as well as some of his other proposals, could kick-start another bout of inflation and interest-rate hikes.Trump has said that his proposals would not impact US prices. "I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country," he said in an August speech.Some experts have argued <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">otherwise</a>. Economists and investors project that taxes imposed on imports will be passed on to American consumers in the form of higher prices. In an economic chain reaction, households would then pay higher interest rates on borrowing of all kinds as the Fed moves to tame that newly rekindled inflation.<h2 id="28eee089-e5e3-42d1-bc61-18122840af26">Ramping up tariffs from Trump's first term is expected to eat into Americans' wallets</h2>On the campaign trail, one of Trump's cornerstone proposals was a 60% <a target="_blank" class="" href="https://www.businessinsider.com/where-does-trump-vance-stand-on-china-tariffs-inflation-taxes-2024-7">tariff</a> on goods imported from China and a 10% to 20% tariff on imports from other countries.The US Census Bureau reported that broad tariffs would likely affect the prices of automobiles, drugs for human and veterinary use, food and beverages, furniture, and household appliances.Trump could announce these changes as soon as he takes office because they would not require congressional approval, but because implementation could take time, consumers would not see higher prices immediately.An <a target="_blank" class="" href="https://www.piie.com/sites/default/files/2024-09/wp24-20.pdf">analysis</a> from the nonpartisan Peterson Institute examined Trump's proposed 60% tariff on goods imported from China and estimated that it would boost inflation by 0.4 percentage points in 2025. The estimate does not include Trump's proposal for a 10% to 20% tariff on other imports.Markets are also <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">expecting higher inflation</a> under Trump; bond yields surged following Trump's victory. That led to the 30-year fixed mortgage rate rising, meaning homebuyers are on track to see higher interest rates on loans.An <a target="_blank" class="" href="https://taxpolicycenter.org/taxvox/tpc-trump-tariffs-would-raise-household-taxes-and-slow-imports">analysis</a> by the nonpartisan Tax Policy Center found that Trump's policies would decrease posttax incomes by an average of $1,800 in 2025. A separate <a target="_blank" class="" href="https://www.americanprogressaction.org/article/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year/">analysis</a> by the left-leaning Center for American Progress said that his tariff plans could cost the typical American household an extra $1,500 a year.Tariffs are typically used to raise government revenue and bolster domestic manufacturing. Trump enacted them in his first term as part of his "America First" policies, including a 25% tariff on Chinese goods that ultimately <a target="_blank" rel="" class="" href="https://www.businessinsider.com/trump-tariff-trade-war-risk-china-exports-great-depression-economy-2024-5">led to a trade war</a> between the two economies. While they did not significantly impact inflation, they did raise taxes for consumers. The Tax Foundation <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/where-does-trump-vance-stand-on-china-tariffs-inflation-taxes-2024-7">estimated</a> that Trump's tariffs during his first term amounted to a nearly $80 billion tax increase on Americans buying Chinese imports.Trump's win is also expected to influence the Federal Reserve's upcoming decisions on interest rates. While it's too soon for the Fed to make any adjustments since Trump has not yet implemented any tariffs, members of the Federal Open Market Committee will likely begin discussing how Trump's future economic policies could affect consumers — including whether the central bank would need to hike interest rates in the future in response to inflationary pressure.The Fed is expected to <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">cut interest rates by 25 basis points</a> on Thursday, and Fed chair Jerome Powell will likely offer some insight into the Fed's direction following Trump's victory.However, the future of the Federal Reserve <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cut-trump-fed-powell-reaction-independence-history-2024-9">is uncertain under Trump</a>. The president-elect has previously suggested that he would like to have a say over interest-rate decisions, something presidents do not currently have. This raises the question of whether the central bank would continue to remain politically independent.Americans will likely learn more about what to expect from Trump as the year comes to a close. While Trump has maintained that his policies will help the economy and leave Americans better off, the Nobel Prize-winning economist Joseph Stiglitz <a target="_blank" class="" href="https://www.businessinsider.com/trump-presidency-policies-inflation-economy-americans-joseph-stiglitz-letter-2024-6">previously told Business Insider</a> that the "general consensus" among experts is that "the Trump administration would be more inflationary.""The broad assessment of the consequences of that is that the Fed would be forced to raise interest rates, and all that combined would still serve to increase inflation even as unemployment increased and GDP slowed," he said.

Get ready for inflation and interest rates to rise again

In April, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) governor Shaktikanta Das referred to <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> as the ‘elephant in the room’. He said, “The elephant has now gone out for a walk and appears to be returning to the forest. We would like the elephant to return to the forest and remain there on a durable basis… Elephant moves slowly, and last mile inflation tends to be sticky.” On Friday, the Indian government data showed that the year-on-year inflation rate based on the Consumer Price Index (<keyword id="20468215" type="General" weightage="20" keywordseo="CPI" source="keywords">CPI</keyword>) for June 2024 stood at 5.08 per cent — rising from 4.75% last month. This was the first time the headline inflation had risen since December 2023! Looks like the elephant decided to stop and look back on its way to the forest. The question remains, what’s next — will it return to the forest or return to the room to haunt us again? <h2>Food price inflation at a record high</h2> The major driver for the higher inflation figures this month has been the rising <keyword id="19960157" type="General" weightage="20" keywordseo="food-prices" source="keywords">food prices</keyword> across India. In fact, food price inflation almost doubled year-on-year in June, rising to 8.36 per cent last month compared to 4.63 per cent in June 2023. Inflation in the food basket was 9.36 per cent in June, up from 8.69 per cent in May, according to the data of the National Statistical Office (NSO). Government data showed that <keyword id="513422" type="General" weightage="20" keywordseo="retail-inflation" source="Orion">retail inflation</keyword> for all food segments, including cereal, meat, eggs, milk, oils, fruits, vegetables, pulses, sugar, spices, prepared snacks, and sweets, increased month-on-month. This was the main cause for retail inflation hardening in June, diverging from the previous months' moderation. While the inflation rate based on the all-India CPI for June 2024 stood at 5.08%, rural and urban inflation rates also spiked to 5.66 per cent and 4.39 per cent, respectively. “Barring the food basket, inflation is indicating signs of bottoming out broadly across the non-food categories, also seen in the inflation in the core categories averaging at 3.5% in the last six months. A stable monsoon will play an important role in stabilising food prices and inflation levels over the next few months,” said Vivek Rathi, National Director Research, Knight Frank India. In May, annual retail inflation was at a 12-month low of 4.75%, slightly down from April's 4.83%. In December last year, retail inflation stood at 5.7 % and had been moderating until June. On the other hand, the US CPI rose only 3% on an annual basis in June versus expectations of 3.2%. Month-over-month, the US CPI declined 0.1%, on expectations for a 0.1% rise. <h2>There goes the chance of an early rate cut?</h2> While European central banks started to cut interest rates last month, hopes of such policy moves seem to have been derailed by these inflation figures. Indian central bank, RBI, has remained cautiously focused on inflation as the growth prospects remained robust. It has been waiting for the final phase of disinflation to materialise before considering rate cuts. The situation, however, does seem rather peculiar — as long as inflation does not align with the central bank's 4% target, the interest rates may remain rather high. However, the current economic environment is not gloomy at all, characterized by a robust GDP growth rate, estimated at 8.2% for 2023-24. Hence, the RBI adopts a wait-and-see approach. And the wait is likely to continue a little while longer. This year, food prices have become a significant issue for policymakers in India, and the RBI governor pinned his hopes on a good monsoon season to alleviate the food price inflation concerns. So far, the monsoon has stood up to our expectations, yet the food prices have remained stubbornly high, mainly due to extended heat wave conditions in June. "The CPI inflation came marginally higher than our expectations. While the <keyword id="67286" type="General" weightage="100" keywordseo="food-inflation" source="Orion">food inflation</keyword> risks will continue to dominate in the near term, we expect better sowing patterns and spatial distribution of rains to eventually ease the price pressures beyond these volatile months. Having said that, the central bank will be in no hurry to ease <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword> given the headroom from robust growth in the backdrop of near-term inflation risks," said Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank. India's retail inflation remains within the Reserve Bank of India's (RBI) comfort range of 2-6% but exceeds the ideal 4% scenario. While inflation is a global concern, India has so far managed its inflation trajectory relatively well. Since May 2022, the RBI has raised the repo rate by 250 basis points cumulatively to combat inflation. However, over the last eight policy cycles, the central bank has kept the rates consistent at 6.5%. The next monetary policy meeting of the RBI is scheduled for early August. And with the higher-than-expected inflation data, the central bank is likely to keep the rate unchanged next month as well for the ninth consecutive month. However, hopes are still alive for a rate cut towards the end of the year. "We are not ruling out a stance change in October 2024 and a 25 bps rate cut each in December 2024 and February 2025, followed by an extended pause, if the food inflation outlook turns decidedly favourable on the back of a normal magnitude and favourable distribution of rainfall in the rest of the monsoon season, and there are no other shocks, either global or domestic," said Aditi Nayar, Chief Economist at ICRA. (With inputs from ANI and PTI) <div type="Article" hostid="261" msid="110784179" title="Monetary Policy Committee keeps repo rate unchanged at 6.5%, confirms RBI governor Shaktikanta Das" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="110788776" title="RBI retains inflation projection for FY25 at 4.5%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Inflation spikes in June 2024 due to high food prices; Likely to affect RBI’s decision on interest rate

<ul class="summary-list"><li>It's been another tough quarter for the fast-food sector.</li><li>Both KFC and Burger King saw sales fall in the US in Q3.</li></ul>It's been another tough few months for fast-food giants.<a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-sales-dropped-second-quarter-in-a-row-sharees-down-2024-10">McDonald's kicked off earnings last week by reporting a drop in global sales</a> for the most recent quarter. On Tuesday, Burger King owner Restaurant Brands International and the parent company of KFC followed in its footsteps.Same-store sales worldwide for Yum! Brands, which owns KFC, Taco Bell, and Pizza Hut, dropped by 2% year over year.Its biggest brand — KFC — saw same-store sales in the US drop by 5%.Meanwhile, Restaurant Brands International, which owns chains including Burger King, Tim Hortons, and Popeyes, reported a weaker-than-expected 0.3% increase in same-store sales across the group for Q3.Comparable sales dropped by 0.4% for Burger King and 3.8% at Popeyes in the US. Globally, comparable sales fell 0.7% and 4%, respectively.Tim Hortons and <a target="_blank" class="" href="https://www.businessinsider.com/taco-bell-cheap-fast-food-gives-diners-what-they-want-2024-8">Taco Bell were bright spots</a> for both parent companies in the US, however, reporting an uptick in sales. The latter has won over diners with cheaper fast food and value menus.<a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-starbucks-kfc-us-sales-diners-cut-back-prices-expensive-2024-8">Fast-food chains have struggled recently</a> as price hikes have increasingly put off some consumers.Chains raised their menu prices to account for rising food and labor costs in the years after the pandemic.McDonald's, KFC, and Burger King are among those trying to lure back diners with new <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-chipotle-starbucks-fast-food-chains-value-meal-war-customers-2024-11#:~:text=Fast%20food%20chains%20say%20they,temporary%20discounts%20to%20earn%20sales.">value menu deals</a>. But it looks like it hasn't been enough.Some <a target="_blank" class="" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">consumers say they're increasingly turning to independent restaurants, casual dining chains</a>, or <a target="_blank" class="" href="https://www.businessinsider.com/fast-food-expensive-americans-cook-at-home-visit-independent-restaurants-2024-5">home cooking</a> to get a better deal.

It's not getting any easier for fast-food chains

<ul class="summary-list"><li>Americans are fighting back against rising food prices.</li><li>US consumers are spending more on food than they have in 30 years. </li></ul>Americans are increasingly relying on unorthodox cost-cutting measures to ensure they continue to eat amid ongoing inflation and <a target="_blank" href="https://www.businessinsider.com/high-food-prices-inflation-gas-costs-groceries-restaurants-americans-economy-2023-12">rising food prices.</a>Recently, US consumers are spending more money on food than they have in the past 30 years, <a target="_blank" href="https://www.wsj.com/economy/consumers/its-been-30-years-since-food-ate-up-this-much-of-your-income-2e3dd3ed?mod=djem10point">The Wall Street Journal</a> reported last week, citing data from the US Department of Agriculture. Americans spent 11.3% of their disposable income on food in 2022 — more than they have since 1991.Restaurant prices were up 5.1% in January 2024 compared to the same month last year, and grocery costs jumped 1.2% in the same time period, The Journal reported, citing Labor Department data. Even as the <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">inflation that rocked the economy</a> last year begins to settle, food prices are continuing to climb, <a target="_blank" href="https://www.businessinsider.com/why-youre-still-spending-much-of-your-budget-on-food-2024-2">Business Insider </a>previously reported, with common ingredients such as beef and sugar reaching sky-high prices on the grocery shelf.Dining-out options are also on the spendy side as <a target="_blank" href="https://www.businessinsider.com/why-restaurant-prices-arent-dropping-lower-inflation-labor-costs-mcdonalds-2024-1">restaurants raise prices</a> and cut portion sizes to stay in business.Meanwhile, WK Kellogg CEO Gary Pilnick and PepsiCo CEO Ramon Laguarta are <a target="_blank" href="https://fortune.com/2024/02/27/kellogg-pepsico-gen-z-cereal-doritos-dinner-sales/">urging middle-class Americans</a> to eat cereal for dinner and use Doritos as side dishes to combat price hikes.Elevated food costs are likely here for the long haul.But as exorbitant food costs become the new normal, consumers are fighting back and coming up with their own ways to keep food on the table.The Journal collected hundreds of reader responses and compiled several cost-saving tips into a <a target="_blank" href="https://www.wsj.com/economy/consumers/food-is-taking-a-bite-out-of-your-income-these-consumers-are-getting-creative-e51a3d46">Tuesday story</a> about how Americans are responding to rising prices.Many said they had taken a <a target="_blank" href="https://www.businessinsider.com/fast-food-isnt-cheap-anymore-2023-11">strict no-eating-out policy,</a> while others are relying on couponing during their weekly grocery trips. Buying in bulk can keep prices low, as well as purchasing non-spoilable food, people told the outlet.A Las Vegas woman said she and her husband have scaled back their creative cooking ideas in response to inflation. The couple has gone from regularly making ingredient-heavy meals like chicken cacciatore to relying on staples like tuna noodle casserole, she told The Journal."It's just egg noodles, canned tuna, canned cream of mushroom soup, onions and garlic," Sarah Smith told the newspaper. "It's not healthy, but it's food."Bernard Brothman, a retired HR executive, told The Journal that he has upped his crop production in his community garden to supplement grocery store produce.He spends about $200 on fertilizer and seeds for the food he grows but ultimately ends up saving hundreds of dollars on groceries when his kale, carrots, squash, and tomatoes are in season, Brothman said.Other people are going back to basics, relying on the hunter-gatherer instincts of our ancestors.Nancy Randall and her Houston family of six save money by harvesting their own food. They eat the deer they hunt and the fish they catch, typically bringing home eight deer a year, which they freeze and process into venison and tamales, Randall told The Journal.The family can typically sustain themselves on the meat for the year and don't have to shell out for protein at the grocery store.Other respondents said they combat rising prices by maximizing senior discounts and making a spreadsheet of their groceries and meals.Earlier this month, <a target="_blank" href="https://www.buzzfeed.com/meganeliscomb/frugal-grocery-shopping-tips-2024">BuzzFeed</a> collected and published several Reddit responses and cost-saving hacks from frugal foodies. People suggested eliminating non-water beverages entirely, purchasing only store-brand or generic items, cutting out premade meals, creating a weekly menu, forgoing items like paper towels and ziplocks, using grocery store apps and online shopping to stay within budget, and only buying items on sale.

Americans are turning to gardening, hunting, and extreme couponing to combat rising food prices 

<ul class="summary-list"><li>The California Fast Food Workers Union is calling for the state's minimum wage to rise to $20.70.</li><li>The union says the increase will help workers "keep up with inflation."</li></ul>Fresh off the heels of a major wage hike in April, California fast food workers are calling for a new one "to keep up with <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-living-in-california-cities-prices-housing-medical-energy-2023-8">the rising cost of living</a>."The California Fast Food Workers Union presented its demand for a new wage of $20.70 (up from $20) at the first-ever meeting of the newly formed Fast Food Council, <a target="_blank" href="https://ktla.com/news/california/california-fast-food-workers-want-another-minimum-wage-increase/">KTLA News</a> reported. Annual cost-of-living adjustments are a common feature of labor contracts, and the new wage would take effect on January 1, 2025."It's always been about more than $20/hr, and we're just getting started," a CAFFWU memo shared with Business Insider said.But the impact of the last (and more significant) raise — from $16 to $20 on April 1 — is still rippling through California's foodservice industry, with business leaders and labor organizers offering divergent narratives.McDonald's CEO Chris Kempczinski told CNBC on Thursday <a target="_blank" href="https://www.businessinsider.com/mcdonalds-fast-food-sales-suffer-most-in-california-wage-hike-2024-7">sales have fallen off more in California</a> than elsewhere in the US after the chain raised prices to pay for the wage increase. McDonald's previously lobbied against the law.At Chipotle, CEO Brian Niccol said the law drove <a target="_blank" href="https://www.businessinsider.com/chipotle-california-minimum-wage-pushed-menu-prices-2024-4">a 20% increase in earnings</a> for its restaurant staff and that it raised menu prices by 6% to 7% in the state to offset that.McDonald's and Chipotle didn't immediately respond to requests for comment from Business Insider.Other <a target="_blank" href="https://www.businessinsider.com/california-fast-food-restaurants-lay-off-workers-minimum-wage-hike-2024-3">fast-food chains have laid off workers</a>, in some cases by closing restaurants altogether, citing the new rules.Data from the US Bureau of Labor Statistics is not likely to satisfy either side: Before adjusting for seasonality, the state added more than 5,000 new fast food jobs between April and June, but the seasonally adjusted figure is a 3,000-job decline. The numbers are effectively flat over the past year.Still, some fast food workers have praised the wage increase: "It's been really good because I can now put more food on the table and in my fridge and pay my rent on time, which was always a challenge," Wendy's employee Romualda Alcazar Cruz told <a target="_blank" href="https://ktla.com/news/california/california-fast-food-workers-want-another-minimum-wage-increase/">KXTL</a> in Spanish.The union also said in the memo that it is seeking more stable scheduling as well as investigations into "abuses" including unsafe working conditions, harassment, discrimination, and wage theft.The Fast Food Council next meets in September.If you are a fast food worker in California who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.

Fast food giants like McDonald's and Chipotle may be forced to hike prices in California again.

<ul class="summary-list"><li>Fast-food prices have risen so much they've hit a "tipping point," one analyst said.</li><li>Restaurants are having to reset their menus with value deals, Chris O'Cull of Stifel said.</li></ul>Prices at fast-food chains have been skyrocketing since the start of the pandemic — and one analyst thinks they may now have reached a "tipping point."<a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-starbucks-kfc-us-sales-diners-cut-back-prices-expensive-2024-8">McDonald's, Starbucks, and KFC</a> all recently reported decreases in US same-store sales as rising prices kept some customers away.In response, fast-food chains have been turning to combo deals and value menus. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/why-mcdonalds-5-dollar-meal-deal-pulling-in-customers-inflation-2024-7">McDonald's</a>, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/burger-king-launches-5-dollar-value-meal-before-mcdonalds-months-2024-5">Burger King</a>, <a target="_blank" class="" href="https://www.facebook.com/jackinthebox/videos/485945577257950/">Jack in the Box</a>, and <a target="_blank" rel=" nofollow" class="" href="https://www.kfc.com/newsroom/kfc-introduces-new-taste-of-kfc-deals">KFC</a> have all launched $5 combo deals — and even <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-bundling-breakfast-combo-deals-sandwich-croissant-tea-coffee-meal-2024-6">Starbucks</a> experimented with bundling."I think pricing has probably hit a tipping point now where a lot of these restaurants are having to reset their menus with these value menus and value deals," Stifel analyst Chris O'Cull told Business Insider.<h2 id="68de75e7-4102-4a02-b732-66162a1e6127">Too expensive</h2>Before the pandemic, limited-service restaurants in the US generally put their prices up by less than 3.5% a year, <a target="_blank" class="" href="https://data.bls.gov/dataViewer/view/timeseries/CUUR0000SEFV02">consumer price index</a> data shows. All that changed in 2020. The cost of labor and commodities soared — and chains raised their prices in response. In the year to April 2023, prices at limited-service restaurants went up by 8.2%.Those rises are cooling, but remain far above pre-pandemic levels — and are coming back to bite fast-food chains."Consumers are kind of pushing back on spending and are deciding to find cheaper ways to eat," O'Cull said. Low-income diners in particular are <a target="_blank" class="" href="https://www.businessinsider.com/fast-food-expensive-americans-cook-at-home-visit-independent-restaurants-2024-5">buying more groceries</a>, turning to diners or casual-dining chains to get a sit-down experience for just a few dollars more — or they're still getting their fast-food burgers and fries, but are being more prudent about what they buy."Quick service posted its fifth straight quarter of decelerating comp trends, marking a change from prior times of consumer choppiness during which quick service tended to be the most resilient space," William Blair analyst Sharon Zackfia said in a note on Thursday.<div type="image" title="McDonald's fast food restaurant in Manhattan, New York, United States of America, on July 6th, 2024." height="2001" width="3000" msid="112630663" hostid="261" sizebytes="600222"></div>During a slowdown, lower-end consumers cut down on fast food, but this is typically more than offset by the influx of middle- and higher-income consumers, Brian Yarbrough, an Edward Jones analyst, told BI.But in this instance, fast-food chains have raised prices "so much" that it's shrunk the gap between fast-food and fast-casual prices, meaning more low-earners are trading out of the sector than high-earners are trading in, he said.<h2 id="cdef5103-6ac0-4864-b952-122ac26b7600">Traffic boost </h2>As customers turn their noses up at high prices, restaurants have resorted to value meals and combo bundles to draw in new diners. Andy Barish, an analyst at Jefferies, said this represented a return to a pre-pandemic promotional approach.Executives at McDonald's and Burger King have said their $5 deals have proved popular, especially among lower-income consumers.But restaurants have to ensure the deals drive enough traffic to offset the lower prices, Yarbrough said.Bosses also hope that once value menus get customers through the door, they'll end up bulking up their orders with extra items, too. Both McDonald's and Burger King said the average order including their combo meals came to more than $10. Jack in the Box said that its Munchies Under $4 deal didn't drive as much traffic as expected, but did lead to higher average order sizes.O'Cull of Stifel said he thought the value deals had been a "positive" for both fast-food chains and their franchisees: "For the time being, I think they'll probably stick with this."

Fast-food price hikes reach 'tipping point' as chains try to reset their menus with value deals and combos

Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

<ul class="summary-list"><li>Fast food chains say they're locked in a "value war" to win <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">increasingly choosy US customers</a>.</li><li>On earnings calls, brands highlighted ways they're trying to offer more bang for diners' bucks.</li></ul>It's an especially challenging time in the fast food business.As a flurry of summer deals come to an end, quick-serve chains say they're now locked in a "value war" to win increasingly choosy US customers.While almost everything is more expensive now than a few years ago, <a target="_blank" href="https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=109406">inflation</a> figures show price increases for dining out have outpaced groceries, with the divide widening sharply over the past two years.More recently, some brands have aimed to soften the sticker shock with <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-starbucks-costco-fast-food-retail-loyalty-programs-2024-10">temporary discounts to get diners in the door</a>, but rising costs of things like labor and raw ingredients are increasingly squeezing profits."Consumers have become more discerning," Moody's Ratings analyst Michael Zuccaro said in a note Friday. "Value perception is a key driver. This is not just price but also experience related factors such as convenience, speed, consistency, and accuracy."On earnings calls this week, brands such as McDonald's, Starbucks, Wendy's, and others highlighted ways they're trying to offer more bang for their customers' bucks.Chipotle said Tuesday that its ingredient costs have gone up recently due to a recent emphasis on delivering "<a target="_blank" href="https://www.businessinsider.com/chipotle-says-ensuring-consistent-portions-has-hit-profitability-2024-10">consistent and generous portions</a>" in its burritos and bowls after customers complained earlier in the year of feeling short-changed.Between higher ingredient usage and other costs on the one hand, and a more competitive consumer economy, interim CEO Scott Boatwright said Chipotle was well-positioned to win the "value war" in fast-casual dining."The chicken burrito, on average, is still under $10, which we believe is still a 15% to 30% discount compared to our peer group. And so, we'll continue to lean into that as we move forward," he said in the company's call.Boatwright's predecessor Brian Niccol, who's now CEO at Starbucks, made <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">several critiques of the coffee chain's recent value proposition</a> during the coffee company's Wednesday earnings call, including its "complicated" menu and customization options."What I have found is when you get simplification in place on pricing, people understand, OK, this is what I'm paying, and this is what I'm getting. And right now, I think we're surprising people a little bit on what they're paying through the customization process and we've got to fix that," he said.Even Wingstop CFO Alex Kaleida weighed in."We see consumers prioritizing brands that are going to deliver on quality and value," he said Wednesday. "We think we're right in that sweet spot of those guest expectations."In the world of burgers and fries, McDonald's CEO Chris Kempczinski expressed concern during the company's earnings call Tuesday that "our value leadership gap has shrunk" as other chains bring competitive offers to the marketplace."In response, we have moved with urgency in partnership with our franchisees to improve our value offerings in most of our major markets," Kempczinski said.McDonald's CFO Ian Borden also told analysts on the call that the company is using its <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-sales-dropped-second-quarter-in-a-row-sharees-down-2024-10">$5 meal deal to grow its loyalty program</a>."Buyers of the $5 meal are visiting us more frequently," he said on the call, saying that those repeat visitors go on to choose other menu items as well. "That's what you start seeing when you start getting consumers back into the restaurants on a more regular basis."Even premium burger brand Shake Shack said on Wednesday that its customers have had enough with price hikes, pushing the company to invest more in value."Despite the pricing we've taken over the last year, we're one of the few brands to actually improve our value equation over the last year," CEO Robert Lynch said during the company's call. "It does feel like all the initiatives that the team has put in place around service and speed, coupled with the great food that we continue to deliver, is driving a stronger value perception, which is allowing us to continue to grow."Wendy's rounded out the trend on Thursday with a detailed discussion of its approach to value."We're thinking about value," CFO Gunther Plosch said Thursday. "We absolutely believe that value in an environment of value-seeking consumers is not about only executing price-pointed promotions and value deals and value bundles — there's more to that."Plosch added that beyond the burger chain's creative promotions, the core menu remains essential to <a target="_blank" class="" href="https://www.businessinsider.com/wendys-stores-closing-140-locations-2024-11">getting customers to come back</a>."We are working really hard on having that value-seeking consumer having an outstanding experience at the restaurant," he told analysts.In other words, prices aren't likely to come down, but CEOs and CFOs will be anxious to see that you were satisfied with your order.

Fast food chains are locked in a 'value war' for US customers

<ul class="summary-list"><li>Americans are annoyed about soaring fast-food prices.</li><li>Some diners are turning to independent restaurants, casual dining chains, and home cooking instead.</li></ul>As <a target="_blank" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">fast-food prices continue to soar</a>, Americans are looking for ways to get <a target="_blank" href="https://www.businessinsider.com/fast-food-loyalty-app-deals-cheap-free-meals-prices-2024-3">more bang for their buck</a>.Some say they're switching to local Latin restaurants and casual dining chains.Others are just buying more groceries and cooking at home instead.<a target="_blank" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">Like fast-food prices, grocery prices soared during the pandemic</a>. But grocery prices are now largely back to pre-pandemic levels, while <a target="_blank" href="https://www.businessinsider.com/fast-food-is-expensive-people-annoyed-eating-out-restaurant-2024">inflation at limited-service restaurants</a> still remains elevated.And some consumers see the benefit of cooking healthier meals at home.<div type="image" title="Young woman browses produce in a grocery store" height="1414" width="2121" msid="111027591" hostid="261" sizebytes="221090"></div>Chad Frye, a cartoonist and illustrator in California, said that he used to be a "fast-food junkie," eating it around four or five times a week, but that he has cut this down to about twice."I do a lot more cooking at home now," Frye said. "It's much more economical."Thomas Valentine, a 32-year-old from Arizona, said he generally buys prepackaged meals from grocery stores."The most cooking I'll do is throw some chicken thighs in the oven and make some instant potatoes or some ramen," he said.For Jordan Sanchez, a 27-year-old loader for a delivery company who lives in California, eggs and chicken tenders are the go-tos. He said he's started cooking more, <a target="_blank" href="https://www.businessinsider.com/only-ate-home-cooked-food-for-a-month-what-happened-2019-8">both for his health and because of the rising costs of fast food</a>.Lawrence Milford's family, meanwhile, is recreating a fast-food favorite at home.To mimic the taste of dining out, the 48-year-old financial planner from Florida, who has two kids, said his wife sometimes cooks McDonald's-like burgers "to make the kids happy."<h2 id="66f3aab2-e2a2-4336-bdea-cbc79bd89556">Grocery stores are fast-food chains' biggest rivals</h2>Executives are spotting the shift toward home cooking, too."Many customers are being more exacting about where and how they choose to spend their money," Starbucks CEO Laxman Narasimhan told investors at the company's last earnings call, adding that some customers had been saving money by eating more at home.<a target="_blank" href="https://www.businessinsider.com/mcdonalds-low-income-diners-eat-at-home-prices-soar-2024-3">McDonald's</a> has acknowledged this, too.It all comes down to the <a target="_blank" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">"delta" — or the gap — between grocery and restaurant inflation</a>, Danilo Gargiulo, a restaurant analyst at Bernstein, previously told BI.After all, groceries, not rival restaurants, are the biggest competitors to fast-food chains because people are trying to decide whether to eat at home or get fast food, he said. When fast-food prices rise at a faster rate than grocery prices, consumers notice.Some grocery stores are seeing the effects of customers' changing habits. Walmart US CEO John Furner said at an Oppenheimer conference this week that shoppers had started buying more home-cooking ingredients, such as fresh produce, proteins, and dairy.R.J. Hottovy, head of analytical research at Placer.ai — an analytics company that tracks footfall — told BI that there had been a shift in traffic away from fast-food chains toward full-service restaurants and discount grocery stores in recent weeks. He attributed this to the price increases at fast-food chains.<h2 id="e63e78db-4fa4-40d6-99eb-77259cb5d850">Diners are turning to Chili's, Applebee's, and Mexican restaurants</h2>As well as cooking more, people are changing where they dine to save money.Some consumers told BI <a target="_blank" href="https://www.businessinsider.com/fast-food-california-expensive-diners-could-switch-to-chilis-applebees-2024-4">they're opting for casual-dining chains</a>, independent restaurants, and their neighborhood Mexican and Latin eateries, meaning they can get better-quality food and enjoy a sit-down meal with their families."You can get something that tastes really good for almost the same price at a sit-down," Frye said.Family-friendly casual-dining chains like Applebee's and <a target="_blank" href="https://www.businessinsider.com/chain-restaurants-vs-fast-food-value-wars-2024-4">Chili's</a> typically have broad menus and offer some entrées for under $15. For many diners, it's about the value proposition.<div type="image" title="The exterior of the West St. Paul, Minnesota Applebee's Neighborhood Grill + Bar restaurant." height="3466" width="5200" msid="111027592" hostid="261" sizebytes="1230934"></div>When Martin Jennings, a 51-year-old truck driver from Florida, and his wife dine out with their kids, they try to visit sit-down restaurants like Chili's or TGI Fridays "and have better quality food than [getting] a hamburger through the drive-thru.""And it's only a few dollars more. Honestly, it seems lately the only thing we pay extra for is a tip," Jennings said.For similar reasons, some diners say they're heading to independent restaurants, too.Brooks Ferrante, a 32-year-old construction worker in Florida, said he'd largely ditched McDonald's and Wendy's for fast-casual chains like Chipotle and local restaurants selling Cuban and Puerto Rican food. He typically spends $10 or $11 on a meal, including tips.Ben Heyworth, an account executive in Florida, has made a similar change to his dining habits.He told BI that some Mexican restaurants near where he live sold better-quality food than fast-food chains and charge between $10 and $15 for an entrée and drink."I feel like I'm getting more value," he said. "You can sit down, it's got a good atmosphere, better service, better quality food, better options."

Soaring fast food prices encourage Big Mac junkies to cook at home

<ul class="summary-list"><li>Fast food is getting more expensive, and Americans are annoyed about it.</li><li>Diners told BI they're cutting back on how often they get fast food because of rising prices.</li></ul><a target="_blank" href="https://www.businessinsider.com/fast-food-isnt-cheap-anymore-2023-11">Fast-food chains have raised prices drastically</a> in recent years — blaming everything from rising food costs and labor shortages to Russia's invasion of Ukraine.Because of this, some fast-food customers are starting to cut back and are <a target="_blank" href="https://www.businessinsider.com/mcdonalds-low-income-diners-eat-at-home-prices-soar-2024-3">opting to eat at home</a> or <a target="_blank" href="https://www.businessinsider.com/fast-food-california-expensive-diners-could-switch-to-chilis-applebees-2024-4">switch to dine-in options</a>, which are increasingly viewed as better value for money.Sara Senatore, a restaurant analyst at Bank of America, told Business Insider that fast-food restaurants historically increased prices by about 2% yearly. At some restaurants in 2022 and 2023, they went up by double-digits, she said.As <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">general inflation</a>, including for groceries, comes down, she's expecting consumers to be even "less tolerant" of the price increases in the restaurant industry.But cheaper fast food may be some way off. <a target="_blank" href="https://www.businessinsider.com/fast-food-california-layoffs-less-staff-to-cover-wage-hike-2024-4">California's new $20 minimum wage</a> for limited-service restaurant workers kicked in this month and has prompted <a target="_blank" href="https://www.businessinsider.com/mcdonalds-franchisee-on-raising-prices-to-cover-california-minimum-wage-2024-4">price hikes on menus</a> statewide.Experts say it could have a <a target="_blank" href="https://www.businessinsider.com/california-20-dollar-fast-food-wage-restaurant-prices-jobs-workers-2024-3">ripple effect on wages</a> across the fast food industry nationwide, meaning that your favorite spots could become even pricier.<h2>Even the more loyal fast-food diners are cutting back</h2>In interviews with BI, more than a dozen consumers from different parts of the US referred to a range of <a target="_blank" href="https://www.businessinsider.com/mcdonalds-starbucks-chick-fil-a-dominate-fast-food-scene-2020-5">fast-food chains</a> they said had gotten more expensive in recent years — from McDonald's and Dunkin' to Subway and Chipotle.Warren Colehour, a 40-year-old student in Kentucky, said he used to go to <a target="_blank" href="https://www.businessinsider.com/same-breakfast-dunkin-and-krispy-kreme-2021-6">Dunkin</a>' almost every morning for a breakfast sandwich and coffee but has cut it down to about four days a month because of the price. "I can't bring myself to spend $8 on that food," he said.Chad Frye, a cartoonist and illustrator based in California who said he used to be a "fast-food junkie," said he's cut down his fast-food habit from four or five times a week to just twice.He said that he had particularly noticed <a target="_blank" href="https://www.businessinsider.com/mcdonalds-low-income-diners-eat-at-home-prices-soar-2024-3">price increases at McDonald's</a>."You could go into McDonald's and there would be a whole array of choices on a value menu, and they used to call it the <a target="_blank" href="https://www.businessinsider.com/mcdonalds-1-dollar-menu-myth-most-cost-more-2023-8">dollar menu</a>, and you can't get anything in there for a dollar anymore," he said.McDonald's USA told BI that pricing is set by local franchisees and varies by restaurant."McDonald's always strives to strike the right balance of value for money," a company spokesperson said, noting that customers can also get offers and free items through its app.<div type="image" title="KFC and McDonald's logos, on April 3, 2024, in Sherwood Park, Strathcona County, Alberta, Canada." height="2667" width="4000" msid="109459375" hostid="261" sizebytes="272910"></div>Some diners said that they thought the quality of fast food meant that it just wasn't worth the price anymore."I think mentally you maybe don't think it tastes as good anymore because you're paying a lot more for it," Frye said.For Martin Jennings, a 51-year-old Florida-based truck driver, fast food is often the only meal available on the road, and it's become increasingly hard to find affordable options.Most truck stops have chain fast-food restaurants, "and you're just stuck with whatever's there," he said."It's just so expensive that we try to avoid it," he added. Instead, he uses the <a target="_blank" href="https://www.businessinsider.com/photos-long-haul-truckers-creatively-cook-on-the-road-2022-3">freezer and microwave in his truck</a> to store and heat up leftovers he brings from home."I pack as much food as I can before I leave the house to avoid eating out," he said.Dunkin' and Chipotle did not respond to requests for comment from BI. A Subway spokesperson said that "significant changes" have been made to the quality of its menu while "maintaining affordability.""While pricing guidelines are provided to ensure we are maintaining our value proposition systemwide, pricing is set by our franchisees," the spokesperson noted.<h2>Consumers are turning to sit-down restaurants</h2>Rising fast-food prices are making sit-down meals — whether at formal restaurants or <a target="_blank" href="https://www.businessinsider.com/fast-food-california-expensive-diners-could-switch-to-chilis-applebees-2024-4">casual-dining chains like Chili's, Applebee's, and Olive Garden</a> — more attractive to some diners.<div type="image" title="chili's" height="750" width="1000" msid="109459376" hostid="261" sizebytes="103288"></div>While fast-food restaurants are generally chosen for their price and convenience, sit-down restaurants are usually seen as more expensive places where diners can relax and socialize.But the closing price gap between full- and limited-service restaurants means some diners are going to sit-down restaurants more often.Ben Heyworth, an account executive in Florida, is one example. He recently pivoted from dining in at fast-food chains such as Subway, Burger King, and McDonald's in favor of fast-casual and sit-down restaurants.He's found that the food, service, and atmosphere are better in these chains and that they generally charge a similar price, he said.<h2>Diners are hunting for bargains</h2>While some diners are increasingly abandoning fast food, others are keeping a close eye on <a target="_blank" href="https://www.businessinsider.com/fast-food-loyalty-app-deals-cheap-free-meals-prices-2024-3">restaurant deals to get more bang for their buck</a>.Offers the interviewees highlighted included Del Taco's three tacos for $2 deal on Tuesdays, Arby's for their two for $6 deal on sandwiches, and Subway's coupons."I'm looking for extreme value when I'm going out," 58-year-old Oregon resident Richard McConnell said.Others are using fast-food chains' apps to score cheap or free food, too.<h2>Fast food still lures diners in</h2>This isn't to say that sales at fast-food chains are slumping. In 2023, for example, comparable US sales at McDonald's were up<a target="_blank" href="https://corporate.mcdonalds.com/content/dam/sites/corp/nfl/pdf/Exhibit%2099.1%20-%20Q4-23.pdf"> 8.7%</a> year-over-year. In 2022, they were up 5.9% in the US. At Burger King, this figure was<a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001618756/e9dfcbd7-a4c4-4365-b4f0-e955fff31537.pdf"> 7.5%</a> in 2023.The taste and convenience of fast food is still bringing diners in.Ricardo Rodriguez, a 60-year-old semi-retired finance worker in California, told BI that he gets "sticker shock" whenever he buys a<a target="_blank" href="https://www.businessinsider.com/mcdonalds-double-big-mac-burger-restaurant-food-four-patties-overhaul-2024-1"> Double Big Mac</a>.But he still goes to the chain about three times a month, and said his wife would use the app to get a free sandwich or portion of fries. Their average spend is about $25, he said.The main reason Rodriguez gets fast food is the taste, he said."Even if they were to raise the price on the McGriddle sandwich, I probably would still go and buy it," he added.

You Searched For "rise in food prices" and got 11 results

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Fast food chains are locked in a 'value war' for US customers

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