Comparing food prices at grocery stores and restaurants this Valentine's Day
ROYAL OAK, Mich. (CBS DETROIT) - This Valentine's Day, more people may have opted for a romantic meal at home. The new U.S. inflation report shows that food prices across the board are still stubbornly high, but restaurant prices are climbing faster than grocery store prices.
The new Consumer Price Index Data shows the price of food at restaurants is up 5.1%, while prices for groceries are up only 1.2%.
At Holiday Market in Royal Oak, some shoppers are choosing to skip going out for Valentine's Day.
"Yeah, we try not to go out as much. I try to save here and there. Shop around different stores," said shopper David Brzezinski. "We still treat ourselves when we feel like going out, but not as much."
Employees said they have been busy the past few days with more and more people planning for a homemade Valentine's Day meal.
"Going out is a lot more expensive compared to years past. A Valentine's dinner now would be like $100, compared to recent years when it was probably $40 or $50," said Holiday Market employee Louis Carson.
"And of course, wages haven't kept pace with those rising prices," said personal finance expert Lynette Khalfani-Cox.
She said that whether you are dining out, or eating in, not only are you paying more for food, you're often paying more for less.
"That same loaf of bread that might have had 25 slices in it now might have 20 slices in it."
The reason for the increased food costs can be linked to many issues – including higher labor costs, record-low cattle numbers, and companies hiking prices to boost their profits.
To compare the costs of dining out and staying in for Valentine's Day dinner, CBS News Detroit went shopping and compared prices.
Buying a steak dinner for two, complete with potatoes, salad, and a bottle of wine costs around $43. The same dinner at a chain steak restaurant will cost around $75, not including a tip.
