Arizona restaurant leader says inflation slowing in state after rocky 2023
Jul 25, 2024, 4:25 AM
A new report from USA Today ranked Arizona as No. 2 on its list of states most hit by restaurant inflation from November 2022 to June 2023. (File photo by: Jeffrey Greenberg/Universal Images Group via Getty Images)
(File photo by: Jeffrey Greenberg/Universal Images Group via Getty Images)
PHOENIX — Arizona restaurant inflation is regressing to the mean this year after higher totals in 2023, according to an industry leader in the state.
Arizona Restaurant Association President and CEO Steve Chucri told KTAR News 92.3 FM’s Arizona Morning News on Wednesday that 2024 has been a better year for inflation rates.
A USA Today list released earlier in July had Arizona as the No. 2 state for most inflation from November 2022 to June 2023, increasing by 23% to $118.54 spent eating out per month.
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Chucri said the list was simply a snapshot and not representative of Arizona’s entire year, although 2023 was an unusually high year for restaurant inflation compared to 2022.
“In 2023, we were actually above the national average with an increase year-over-year of about 4.6% in Arizona, whereas the national average was in the mid 3s,” Chucri said.
Arizona restaurant inflation is getting better, expert says
Things are slowly getting better seven months into 2024, Chucri said.
“In 2024, we actually fell below the national average to about 3.5% or 3%,” Chucri said. “So we’re heading in the right direction.”
The hospitality industry is booming in Arizona, Chucri added.
In fact, he expects restaurant sales to amount to $23 billion by the end of the year.
“Our daily payroll is over 20 million dollars and that doesn’t include tips,” he said. “We employ almost 300,000 people the state so economically speaking, I would say we’re a giant.”
