This index tracks the health of the restaurant industry in the US by measuring sales, customer traffic, labor, and overall business conditions.
Since 2021, this metric has fallen by ~8.0%, marking the largest drop since it was launched in 2002.
Such a low level in the index has only been seen during recessions.
Americans are pulling back on dining out as prices have been sharply rising and recently hit new all-time highs.
Since 2020, food prices away from home have increased by 27.0%, and fast food prices have jumped by 31.0%.
Eating out is officially a luxury.
