DAYTON — Fast food is typically known as an inexpensive option to eat out, but menu prices have doubled in the past decade.
News Center 7's Taylor Robertson looked at how much these prices have risen and how we as consumers have responded.
Fewer and fewer people are stopping by the drive-thru for a quick bite because they're starting to realize that fast food prices aren't as cheap as they used to be.
She continued: “I try to eat at home, but it doesn't always work out.”
Ruby Mahoney is a third-year student at the University of Dayton who is saving money to attend law school. “Our roommate buys McDonald's cake every day, and she said the prices have gone up due to inflation. She was angry,” Mahoney said.
To save time and money, you probably only buy fast food once a week. I heard that many fast food restaurants are raising their prices.
“It's definitely a nuisance,” Mahoney said. And it's not just her.
A recent survey by Datassential found that 46% of consumers have reduced their spending on eating out. The report further states that 31% of those surveyed said they cook at home to save money. Meanwhile, 75% of people said inflation and rising costs of living were to blame.
According to a study conducted by Finance Buzz, average menu prices have increased by 39% to 100% over the past 10 years. All of these are higher than the inflation rate, which is 31%, according to the Bureau of Labor Statistics.
If you stop at Starbucks on Brown Street and buy a coffee and a breakfast sandwich, you'll end up spending over $10. You can also have lunch at Chik-Fil-A on Stroop Road in Kettering and get a combo meal for nearly $10.
If you then stop at Wendy's to get dinner for yourself and your two kids and get one meal and a Frosty each, you'll end up spending nearly $50.
Riley Dugan is the director of marketing at the University of Dayton. “People are angry, and rightly so,” he said.
McDonald's reported in its 2023 sales report that U.S. sales growth slowed during its fourth quarter results. Taco Bell, KFC, and Pizza Hut were in a similar situation.
Mr Dugan said this was not surprising.
“People you know, talk to your wallet and then talk about the money you spend and where you spend it. That's what gives people a say, right?”
You may have noticed that some restaurants offer great deals on an ongoing basis. Wendy's offers 4 for 4 deals, KFC offers $10 family meals, and Taco Bell offers menu items for under $3.
“The more competition there is, the better it is for us as customers because it lowers prices,” Dugan said.
He went on to say that as a fast food consumer myself, I recognize why people are frustrated.
“Often the people who struggle the most with these prices are the busiest people, those who are working two jobs to make ends meet,” Dugan says.
According to Dugan, nationally, many of us don't realize that about 40% of the food in our refrigerators spoils. Making sure you eat the groceries you buy is the first step to saving money on food and taking advantage of rewards programs that reward you with points on purchases.