With food prices as high as they are, is cooking at home even worth it?
Sure, it may seem like the better choice when faced with soaring inflation, but here’s a statistic that may surprise you: In the month of February alone, the cost of groceries rose 1.4%, more than three times as fast as the cost of eating out, according to new government data. As the chart below shows, the annual inflation rate for “food at home,” as the Bureau of Labor Statistics calls groceries, is now higher than for “food away from home.”
“This is getting out of hand!” one Twitter user recently mused about the grocery bills. “It’s legit cheaper to eat out.”
So far, though, price hikes have people cutting back more on restaurant meals than groceries, if recent survey data is any indication. Economists say budget-constrained households are more likely to reduce spending on discretionary items like dining out or travel than staples like groceries. In fact, in a Morning Consult survey taken in mid-February, price concerns were more likely to discourage those considering eating out or getting takeout than those deciding which grocery items to select, by a margin of 49% to 30%.
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