If you’ve ever purchased fast food, there’s probably a few main reasons why. Fast food is quick. It’s accessible. Plus, it’s cheap — or is it?
Rising fast food prices can’t be ignored. In comparison to inflation of the U.S. dollar, the price of consuming fast food has skyrocketed disproportionately. People are paying more and more for a mediocre product that is often prepackaged, and certainly not good for their bodies. All in the name of being inexpensive? I don’t think so. But why have fast food prices increased so much?
How much have fast food prices increased?
Since the end of 2019, the value of the U.S. dollar inflated around 24%. This means that something that cost $1 back then would technically be priced at $1.24 now. The Fed wants to keep annual inflation at 2%, but real inflation has been significantly higher due to contraction and then expansion of the economy due to the Covid-19 pandemic. Nevertheless, that 24% rise is something to take note of.
According to this graph that has circulated Instagram and Reddit, from the end of 2019 to mid-2024, McDonald’s prices rose about 141%. Notably, a McChicken, which used to cost $1 to $1.29, now costs $2.99 to $3.89 — a 201% price gouge. Taco Bell’s prices have risen around 57%. A Crunchwrap Supreme, which once cost $3.49, inflated its price 51% to be $5.29 to $5.79. Chick-fil-A’s prices have increased 80%. An eight-piece chicken nugget cost $3.05 back in 2019, but rose to $5.99, increasing 96%.
What is causing the rising fast food prices?
There is a collection of different factors as to why fast food prices are rising so much. While rising wages, input costs, and rent all factor into these higher prices, there is a much more bleak story behind the numbers. If the above factors were the only ones behind increasing prices, then all of these fast food items would have risen around 24%.
Instead, corporate greed is what is driving up costs for consumers. A desire to drive up profit margins in order to expand and grow influence is causing fast food companies to gouge their prices, to the detriment of their own customers.
What should I do, as a consumer?
Is fast food really that good, anyway? If you are so desperately in need of a good burger and fries — instead of visiting a large corporate chain like McDonald’s, check out a local burger joint. Supporting small businesses is how you can keep money circulating in your own area and build up your local economy. Alternatively, try making these foods at home. A home-grilled burger with a host of customizable ingredients is preferable to those soggy, greasy fast food burgers, anyway.