Consumers spent more than $86.6 billion at restaurants in the month of January, up 24% compared to the same month in 2022, per the latest data from the U.S. Census Bureau, YahooFinance.com reported. Spending on groceries, beer, wine, and liquor were up 5.3%, totaling about $78.9 billion last month. This comes as the cost of food away from home outpaced the cost of buying groceries. Per the Bureau of Labor Statistics' (BLS) January Consumer Price Index (CPI), the cost of groceries were up 11.8% year-over-year, while dining away from home was up 8.2%. Despite menu price increases to offset inflation at many restaurants and fast food chains, customers seem to be turning a blind eye to rising prices after being cooped up during COVID. According to the Mastercard Spending Pulse survey, U.S. consumers said dining out is a priority, with demand for it growing 24.2% year over year.
