“It’s a challenging consumer environment,” said Ian Borden, McDonald’s CFO, noting that many consumers are trying to manage inflation, higher interest rates and dwindling savings.
That includes their spending on food at restaurants such as McDonald’s, fast-food restaurants that historically prize value and affordability as core business values.
According to February inflation data in the Consumer Price Index, food at home prices grew 1% year over year, while restaurant prices rose 4.5% over the last year.
But the current surge in restaurant prices has flipped the script from a year ago, when it was cheaper to dine out.
At that time, restaurant prices were up 8.4% and grocery prices were up 10.2% year over year.
Persons:
“, ”, Ian Borden, ” Borden, Borden, McDonald’s, Dollar
Organizations:
New, New York CNN, Consumers, Company, Dollar General, Walmart
Locations:
New York, United States