As millions across the world return to office after a two-year-long pandemic, they are being greeted by high prices on almost every item. These costs are being passed on to the typical business lunch traveller, experts are calling this phenomenon “Lunchflation”. But what is it?
Lunchflation, a recently created phrase, describes the specific inflation of lunchtime meal prices, such as sandwiches and wraps. This new inflation has received a lot of attention recently as more individuals start going back to work following the outbreak.
Starbucks raised prices in the US earlier this year and in October 2021 – and prices could continue to rise. Salad chain Sweetgreen also raised its menu prices by 10 per cent since the start of 2021.
Similar trends are being witnessed across restaurants and other companies in the US that have raised menu prices due to global inflation.
This is happening not just in America but also in countries like South Korea, where the average meal price index increased 6.6% in April 2021. These consist of eateries that provide services including self-service via QR codes and online ordering, as well as local delivery at a set price through third-party partners.
In South Korea's capital, Seoul dubbed "lunch-flation", the price of beloved dishes such as "galbitang" (beef stew with rice) jumped 12.2% and "nengmyun" (cold noodles) rose 8.1%.