Wednesday, April 17, 2024

Prices at McDonald’s have gone higher, leading people with less money to cook at home instead

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Some people who don’t have much money are choosing to cook at home instead of going to McDonald’s, the person in charge of money at McDonald’s said at a meeting with people who invest in the company. He said it’s hard for people who buy things because prices are going up, they have to pay more interest if they borrow money, and they don’t have as much money saved up.

Going out to eat is becoming more like a special treat. The prices for food at home went up by 1% in February compared to last year, while prices at restaurants went up by 4.5%.

But now, it’s more expensive to eat out compared to last year when it was cheaper. Back then, prices at restaurants went up by 8.4% and prices at grocery stores went up by 10.2%.

“Some of those people are just deciding to eat at home more,” the McDonald’s money person said.

To get those customers back, McDonald’s is offering them better deals at the drive-thru, like meal bundles for $4 or less at most of its restaurants in the US.

“We want to make sure people know what they can get here and think about us when they’re deciding where to eat,” the McDonald’s money person said.

McDonald’s is also having money problems in other countries. For example, things being unstable in the Middle East has made it hard for McDonald’s to sell food there.

Family Dollar has been having problems too because they didn’t manage their stores well and things weren’t good there.

Whether people are buying groceries or eating out, prices are getting better compared to the last few years since the pandemic started. Food prices are going up more slowly now than they were before, and prices at the grocery store are the lowest they’ve been since June 2021. Prices at restaurants are also going up less than they were before.

People are spending less money at Family Dollar, and the company that owns it said they’re going to close almost 1,000 stores. The people in charge of the company said prices going up a lot made fewer people want to shop there, which hurt how much money they made. They also said that they have a lot of competition from Dollar General and Walmart, and they didn’t manage their stores well.

The value of McDonald’s stock went down by about 3% in the afternoon.

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