Read this before you decide to just order takeout again.
That’s because the cost of going out to eat or getting take-out food is rising at the fastest pace in more than four years, easily eclipsing the increase in grocery prices.
Over the past 12 months the cost of meals prepared outside the home have climbed 3.1%, according to the latest consumer price index.Why such a disparity? Higher minimum wages in many parts of the country help to explain some of the increase in the cost of prepared foods, restaurant owners say. Economic studies on minimum wage increases generally find that some workers do benefit, while others might see their work hours reduced.
Grocery prices are less dependent on the cost of labor, especially as companies move to labor-saving technologies such as customer check-out registers and fully automated inventory controls.What’s more, the wholesale cost of many foods have waned recently owing to a weakened global economy. Softer demand has knocked down prices for staples such as pork, chicken, eggs, dairy and fruit.
Relatively lower grocery prices, however, probably won’t be enough to sway more consumers to cook their own meals. Research shows most Americans don’t like to cook — and that helps explain why they spend more than ever on meals they haven’t prepared themselves.We Want to Hear from You Join the conversation
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