The Q4 2024 Pricing Index Report is an easy to read and digest summary of data from Technomic’s latest tool, Ignite Menu Price Pulse. It spotlights quarter over quarter menu pricing changes throughout restaurants segments. It also notes cuisine types, states, and metropolitan statistical areas (MSAs). It takes a detailed look at average prices of menu items from a chicken sandwich to rib-eye steaks. The Menu Icon Index also shows quarterly price tracking of signature items from major chains like the McDonald’s Bog Man and Dominos medium hand tossed cheese pizza. In the first issue of this report, Technomic reported a 1.41% menu price inflation overall rate across the restaurant industry in Q4 2024. Led by increases within full service.
A Deeper Look:
- Full-service experienced the largest price increases, led by the upscale casual-dining/fine-dining steak category at 4.26% inflation.
- The top five states with the highest inflation rates were led by Alaska at 4.7% and California at 4.4%.
- Across MSAs, Ocean City, Md., and Fairbanks, Alaska, marked the largest increases in price at 10.37% and 7.52%, respectively.
- Some national average prices of select menu items included chicken sandwiches at $7.52, french fry sides at $3.4 and rib-eye steaks for $31.69
- McDonald’s Big Mac increased to an average price of $5.47 in Q4 2024, up from $5.07 in Q3 2024, while a medium hand-tossed cheese pizza at Domino’s increased from $16.95 to $17.13 in that same timeframe.