That’s because prices for groceries are up 1.2% year over year, while the price of food consumed at restaurants is up 5.1%.
And in this election year, higher food prices, which rose last month to their highest monthly rate in a year, could present problems for President Joe Biden’s campaign.
In January 2023, it was cheaper to dine out, with food prices up 8.2% compared to the prior year.
In the post-pandemic world, consumers have been devoting more of their budgets to services compared to goods.
As a whole, prices for services — which include dining out, transportation and entertainment — were up 0.7% in January compared to the prior month.
Persons:
you’ve, Joe Biden’s, What’s, ”, Dana Peterson, ” Goldman Sachs
Organizations:
New, New York CNN, Conference Board
Locations:
New York