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Report: Consumers still dining out despite inflation

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June 20, 2022

Diners are still flocking to fast food chains despite inflation, according to a Yahoo Finance report.

The report said food outside the home jumped 7.4%, but a new report from Placer.ai shows that consumers are dining at fast food restaurants at the same rate as 2021 and even more that some of the largest chains.

In May 2022, foot traffic is up 21.7% at McDonald's, up 5% at Wendy's and up 4.1% at Burger King. Fast food has increased its prices by 6 to 8%.

Lydia Boussour, economics lead US economist at Oxford, said diners may be trading dine-in restaurants for less expensive dining like fast food and fast casual and said there is a "pent-up demand for services like dining out."

"Some consumers are more likely to trade down from pricier dining experiences to less expensive fast-food options in this high inflation environment," she told Yahoo Finance.