Inflation is hitting consumers and businesses hard. Recently, several popular restaurant chains, including McDonald’s and Chipotle, reported that consumers are trading down and not eating out due to budget constraints and increasing food prices. The restaurants also reported that customers visiting the chains look for less expensive meals. Those customers from the low-income groups have reduced their restaurant and dine-out visits, Chipotle CEO Brian Niccol added. According to NDP Group findings, restaurants increased menu prices by 7% in the past three months ended May compared with the same period last year. Consumers earning less than $75,000 reduced their fast-food visits by 6%.
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