- Labor cost is the elephant in the room for restaurant chains in 2024. In December, overall food inflation jumped 2.7% year over year. While the price of groceries rose 1.3%, the cost for food away from home (restaurants) increased by 5.2%. https://finance.yahoo.com/news/labor-cost-is-the-elephant-in-the-room-for-restaurant-chains-in-2024-120247532.html?guccounter=1 111 comments economics