Americans are spending over 7 percent more for a cup of coffee compared to this time last year, according to new data.
A single cup of Joe cost an average of $4.90 in a quick-service shop in the first six months of this year, marking a 7.6 percent increase from the same time in 2021, according to data from market research firm NPD Group, which was cited by The Wall Street Journal.
The cost increases are largely being driven by inflation, which stood at 8.5 percent in July, down slightly from June’s 40-year high of 9.1 percent, although the cost of food still remains high.
According to Labor Department data, food at home (groceries) rose 1.4 percent from June to July, and is up 13.1 percent year over year, as the cost of meats, poultry, fish, eggs, and vegetables all rose. The cost of eating out at restaurants rose 0.7 percent month over month and was up 7.6 percent in July year over year….