Despite healthy comp growth prospects, unit-level P&Ls remain pressured by substantial food cost inflation (and labor inflation to a lesser extent) that far out-distance menu price increases which operators can pass through. The issue is how much pricing can be passed along before even more affluent consumers become tapped out. At least restaurant players have been successful at keeping their menu price increases below the level of the grocery stores, helping propel food-away-from-home for now. Fortunately, the industry benefits from near-term prospects of moderating food and labor inflation which is key if EBITDAR margins are expected to regain lost ground over the last year. In any case, we recently came across Executive Order 14008 (signed 1/27/21) which could have very important going forward implications about food price inflation (we urge readers to review an analysis & summary of EO 14008 here).