New data shows a continued trend of modest menu price growth this year, as well as an uptick in eating and drinking place sales last month.
July marked the eight consecutive month in which menu prices remained flat or rose 0.1 percent, according to data from the Bureau of Labor Statistics. In comparison, overall consumer prices gained for the first time in four months, showing their largest increase in nearly a year, while grocery store prices declined for the second consecutive month.
Within restaurant industry segments, fullservice restaurant menu prices remained unchanged in July, while quickservice prices rose a modest 0.1 percent. In the last year, menu price growth has been stronger at fullservice restaurants than at quickservice eateries. Regionally, menu prices in the Northeast have shown the strongest growth in the last 12 months at 1.6 percent - a half-percent stronger than national menu price growth in the same period.
In addition, preliminary figures from the U.S. Census Bureau show that eating and drinking place sales increased for the first time in four months in July, up 0.2 percent from June. On a seasonally-adjusted basis, industry sales last month totaled $39.4 billion. In comparison, grocery store sales fell for the fifth consecutive month.
Additional analysis and more detailed data on the latest price growth and sales figures, as well as other industry data, is available through our Restaurant TrendMapper online subscription service.
