Eating (or drinking) out has become more expensive in most parts of the country. The Consumer Price Index rose 7.9% in February compared to the same month a year ago. This is the highest rate of inflation in four decades. The price increases are unlikely to slow. Many of the items with the largest jump in prices are food. This, in turn, has affected prices at restaurants that want to pass the price along to customers. As a result, the price of “eating away from home” jumped 8.6% last month. One of the foods with the highest increases was coffee, up 10.5%.
The coffee prices increase is particularly difficult for large coffee and restaurant chains like Starbucks and McDonald’s which could see their margins squeezed.
SavingSpot has just released a research report titled “The Price of Starbucks in Every Country”. It also provided us with data on every state. The comparison was based on the price of a “tall latte”. Data were pulled from Deliveroo, Just Eat, Pedidosya, Uber Eats, and local food delivery operations.
Worldwide, the most expensive country was Switzerland at $7.17. The U.S. ranked 16th at $3.26. The country where the beverage was the cheapest was Turkey at $1.31. Based on figures from Numbeo, Switzerland has the second-highest cost of living across all nations, just below Bermuda.
U.S. numbers also roughly track the cost of living. The researchers report: “Mississippi ($2.89) and other southern states offer the cheapest Starbucks lattes in the US. Most of the states where you can get a Tall Latte for under three bucks are in the south – with the notable exception of South Dakota ($2.95).”
The most expensive state is Hawaii at $3.92. According to the Missouri Economic Research and Information Center, Hawaii has the highest state cost of living. New York has the second most expensive Starbucks latte at $3.86. It ranks third in cost of living.
Click here to read This Is The State With The Lowest Cost of Living.
Click here to read 24/7 Wall St. Starbucks Coverage.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
