FOX BUSINESS – Fast food is beloved in America because it is cheap and convenient.
At least it used to be.
The recent inflation report for April showed that since President Biden took office, the cost of eating out at restaurants is up nearly 22%.
However, fast food has been hit particularly hard, with prices dramatically rising at the most popular restaurant chains beginning even before the COVID-19 pandemic.
Big Mac price inflation
A Big Mac sandwich at McDonald’s, for example, cost $3.99 in 2019. Now, that price has more than doubled to $8.29, according to Fast Food Menu Prices, an online tracker …
Customers are feeling squeezed. A recent survey conducted by LendingTree found 78% of consumers now consider fast food to be a “luxury” purchase due to how expensive the meals have become.
Chipotle burrito price inflation
A Chipotle chicken burrito in 2019 cost customers $6.50. Today, it costs $10.70, per fastfoodmenuprices.com. (Fox Buisness / Fox News)
Half of those polled said they view fast food as a luxury because they are struggling financially. This is especially true among Americans who make less than $30,000 a year (71%), parents with young children (58%) and Gen Zers (58%).
“Across almost all major markets, industry traffic is slowing,” McDonald’s CEO Chris Kempczinski told analysts in April. “We know our customers are looking for reliable everyday value now more than ever.”
Subway sandwich price inflation
A Subway BLT Footlong in 2019 cost $5.50, but the days of the $5 Footlong are over. It now costs as much as $8.49, though prices vary by location. (FOX Business / Fox News)
Many fast-food joints have also provided customers with exclusive deals available on their mobile apps and points programs that reward loyal customers with free menu items.
However, the fact remains that Americans remember when menu prices were lower, and higher costs for food and gas are souring their view of the economy.
That is why Biden continues to tell voters he is fighting for lower prices …
