First inflation came for grocery bills and gas prices, now it’s showing up in Yelp reviews complaining of meager portions at dining establishments and rising costs at businesses generally.
Customers mentioning the word “inflation” in Yelp reviews or describing “inflationary experiences” such as higher prices hit a record high in the second quarter, rising 7% from the previous quarter and 28% compared to last year, according to the latest Economic Average report from Yelp.
The report comes as the prices of goods and services have soared, with inflation hitting 9.1% in June compared to a year ago, setting a 41-year record. The cost of dining out rose by 7.7%, the largest year-over-year increase since November 1981. Some grocery prices have increased more than others; eggs increased in price by 33% compared to last year and milk prices rose by 16.4%, according to the Bureau of Labor Statistics.
Foot traffic to fast food and quick-service restaurants continued to see year-over-year growth from April to the end of June, outpacing that of full-service restaurants, according to Placer.ai. Meanwhile, foot traffic to full-service restaurants started seeing steeper declines toward the end of June.
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