Unfortunately, by now we are all getting pretty used to seeing the impacts of inflation in our everyday lives. One place where we all have been feeling noticeable price increases is at the grocery store.
An age-old financial adage is that it is always cheaper to make your own meals at home than dining out or getting food to-go. However, the price increases between the two options have recently diverged. For the 12 months ending in April 2022 the costs of groceries rose almost 3% more than the cost to dine out.
12 Month Annual Cost Increase:
-Food at home = +10.8%
-Food away from home = +7.2%
While the costs of food have been rising faster at the grocery store the overall cost per unit to dine out is still much higher. You likely have noticed smaller portions at your favorite restaurant. Even though the rising prices at your local market may feel hard on your wallet you’re still better off staying at home and hosting the family BBQ.
Wishing you all a fun and safe summer ahead!
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GuidePoint Financial Planning - Reston Financial Planning
Ryan Phillips, CFA, CFP® is the founder of GuidePoint Financial Planning. He is passionate about helping busy families plan, save, and invest for their financial future. Contact him today if you are interested in learning more about the benefits of working with a fee-only (no-commission) financial planner.