Study shows rise in restaurant prices
Applebee’s, Chili’s and Denny’s fell in the middle, increasing their prices by around 40%. All 16 chains raised prices over the rate of inflation.
SAN DIEGO — Eating out has become increasingly expensive, and now we have the numbers to prove it.
Over the last five years, something that once cost a dollar is now $1.22, meaning inflation has risen by 22%. However, a Finance Buzz study shows that some popular restaurant chains have increased prices much faster.
Eggs have been the recent culprit, but minimum wage increases, supply chain issues through the pandemic, and overall inflation have also caused some of your favorite chains to raise prices. IHOP increased by 82%, while Waffle House, they say, is up 96%.
“It used to be you could eat out on a budget,” said Josh Koebert, a researcher and data scientist for Finance Buzz.
“I think if you get the deals, it’s not bad, but if you get the normal stuff, it is,” Ana Gastelum said, who was at the IHOP in Kearny Mesa.
Jim Elledge added, “Breakfast is no longer five dollars or ten dollars – it’s 15!”
The price of pancakes is higher. The personal finance website Finance Buzz found that the average casual dining restaurant is up 42%, and their study found that fast food is up 60%.
“It felt like what was happening, and now we have the hard data to verify that thought process,” Koebert said.
Koebert analyzed menu prices from 2020 to 2025 at the 16 biggest chains in America.
“For every restaurant, we found ten items that were on the menu five years ago, and now they were the exact same, so we could compare,” he added.
Finance Buzz says IHOP and Waffle House had the steepest increases, followed by Texas Roadhouse and TGI Fridays. They’re both up about 45%, whereas inflation is up 22% since 2020, according to the Bureau of Labor Statistics.
“Unfortunately, nobody went down. Our lowest were Longhorn Steakhouse and BJ’s Brewhouse. They went up 26%, which is still slightly higher than inflation,” Koebert said.
Places like Applebee’s, Chili’s and Denny’s fell in the middle, increasing their prices by around 40%. All 16 chains, though, raised prices past the rate of inflation.
“Buffalo Wild Wings, Outback, Olive Garden – they raised their prices by about 30% or less, higher than inflation- but not crazy,” Koebert explained.
More places are offering deals to get you in the door, but places that didn’t used to break the bank now can come with a bit of sticker shock when you get the bill.
“I just don’t go out that much,” Gastelum added.
“We’ve kind of learned to accept the corporate greed,” Elledge said.
This study also looked at each restaurant’s biggest single-item increases. Check here to see if your favorite meal made the list.