Continued Rising Food Costs Contribute to Inflation Increasing 0.1% in August

Full-service meal prices are up 9%, and limited-service meal prices are up 7.2% year-over-year.

U.S.Bureau of Labor Statistics Consumer Price Index full service meals 1200x800 1
Restaurant menu prices continue to rise, with full-service meal prices increasing 0.8% from July to August, and limited-service meal prices rising 0.7% in the same period. Courtesy of Canva.

While gas prices continued to fall in August, overall inflation didn’t budge. The U.S. Bureau of Labor Statistics released its Consumer Price Index today, and inflation increased 0.1% from July to August, with food costs cited as one of the top contributors.

In August, the food index increased 0.8%, the smallest monthly increase since December 2021, though the index was up 11.4% year-over-year—the largest 12-month increase since May 1979, says the report.

The food away from home index rose 0.9% in August, while the food at home index rose 0.7%, marking the first time food away from home inflation outpaced food at home inflation all year. The food away from home index is up 8% year-over-year, while the food at home index is up 13.5%.

As for restaurant menu inflation, full-service meal prices increased 0.8% in August, and limited-service meal prices rose 0.7%. Over the last year, full-service meal prices are up 9%, and limited-service meal prices are up 7.2%.

Overall inflation now sits at 8.3% year-over-year.

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