According to The US Consumer Price Index (CPI) for June, food away from home was at 4.1%, an increase of 0.4% month-over-month, with alcoholic beverages rising 0.2% month-over-month.
F&B Insights VP of strategic partnerships Noah Tracht joins Wealth! to give insight into the rise of food inflation and how its impacting consumers and the broader market.
In terms of the current state of the consumer dining out, Tracht states:" So largely, consumers are still dining out. They're dining out less frequently, maybe less lunches. But when they do dine out, they seem to be spending more money. And so we're seeing that as a sort of continued trend coming out of the pandemic, when consumers were still looking for better quality products. That coming from purchasing better quality alcohol, spirits in retail and so that transitioned into restaurants. We see that trend as continuing to happen into the foreseeable future."
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