How it Started... How it's Going: Fast-food prices soar under Biden
FOX Business' Brian Brenberg looks at rising fast-food prices under President Biden.
Fast-food is beloved in America because it is cheap and convenient.
At least it used to be.
The recent inflation report for April showed that since President Biden took office, the cost of eating out at restaurants is up nearly 22%. However, fast-food has been hit particularly hard, with prices dramatically rising at the most popular restaurant chains beginning even before the COVID-19 pandemic.
A Big Mac sandwich at McDonald's, for example, cost $3.99 in 2019. Now, that price has more than doubled to $8.29, according to Fast Food Menu Prices, an online tracker.
NEARLY 80% OF AMERICANS NOW CONSIDER FAST FOOD A ‘LUXURY’ DUE TO HIGH PRICES
In total, under President Biden, food away from home is up nearly 22% since 2021, according to Bureau of Labor Statistics data. (Fox Business / Fox News)
Gone too are the days of the $5 Footlong at Subway. A BLT Footlong that cost $5.50 in 2019 now costs customers $8.49 in 2024, though prices can vary by location. Additionally, Chipotle's beloved chicken burrito that cost $6.50 in 2019 now runs customers $10.70.
Fast-food executives have pointed to rising wages and increased costs for ingredients as factors driving up the prices on their menus.
Fast-food prices have increased faster than the average hourly earnings of most employees at fast-food restaurants, according to the Federal Reserve Bank of St. Louis. (Fox Business / Fox News)
Data from the Federal Reserve Bank of St. Louis shows that fast-food prices have actually increased faster than the average hourly earnings of most employees at fast-food restaurants. Fast-food prices have also outpaced inflation, rising 41% from 2017, while the
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