Inflationary pressures are hitting American wallets hard, and nowhere is this more evident than in the fast food industry. As prices for homes, cars, and fuel skyrocket, even the humble burger, fries, and soda combo—a staple of American dining—is becoming significantly pricier.
A recent report by MoneyGeek, a personal finance site, delved into the escalating costs of fast food meals between 2022 and 2024. Analyzing data from Allmenus and Grubhub across major fast-food burger chains, MoneyGeek highlighted startling price hikes across the board.
Leading the charge in expense is Five Guys, notorious for its premium offerings. In 2024, the average cost of a meal at Five Guys reached $20.84, marking a substantial 14% increase from $18.33 just two years prior. This surge gained attention earlier this year when a receipt revealing a $24 bill for a basic cheeseburger, fries, and soda went viral.
While Five Guys topped the price list, Wendy’s emerged with the most significant percentage increase in menu prices. The average meal price surged by 32%, climbing from $9.41 in 2022 to $12.41 in 2024, reflecting the chain's adjustments amidst economic pressures.
Responding to these findings, a spokesperson for Wendy’s emphasized the company’s commitment to affordability, pointing to initiatives like the $5 Biggie Bag launched in 2019 as evidence of their value-oriented approach.
Here’s a breakdown of how other major chains fared in MoneyGeek's analysis:
Five Guys: $20.84 in 2024 (up 13.7% from $18.33 in 2022)
Jack in the Box: $13.75 in 2024 (up 25.8% from $10.93 in 2022)
Wendy’s: $12.41 in 2024 (up 31.8% from $9.41 in 2022)
Burger King: $10.61 in 2024 (up 12.3% from $9.44 in 2022)
McDonald’s: $7.57 in 2024 (up 22.0% from $6.21 in 2022)
The broader trend of rising fast food prices mirrors larger economic shifts. According to FinanceBuzz, average menu prices across the industry have soared by up to 100% since 2014, outpacing the general inflation rate of 31% over the same period reported by the Bureau of Labor Statistics.
Contributing factors include rising labour costs and the growing prevalence of delivery services such as DoorDash and Uber Eats, which impose fees on restaurants that inevitably get passed on to consumers.
As consumers grapple with these escalating costs, the affordability of fast food—a once-reliable option for budget-conscious diners—is increasingly in question, posing challenges for both businesses and customers alike in navigating an inflationary landscape.
