Total restaurant industry sales growth of +11.2% outperformed food at home (grocery) sales growth of +8.1% during 3Q which at least partially reflects significantly higher food at home CPI (+13.2% vs. +8.0% food away from home).
2Q22 Investor Calls indicate significantly higher prices and labor shortages (impacting both operating hours & delivery service) are impeding traffic (especially for low end consumers) and not able to fully compensate for current commodity and labor cost inflation. Fortunately, several companies indicated that commodity costs are peaking and expected to moderate later this year.
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A Restaurant Research LLC Company
