https://portside.org/2025-05-05/new-study-breaks-down-staggering-price-hikes-chain-restaurants

Editor's note: Since publishing this story, FinanceBuzz has deleted information regarding Waffle House's price increases. When asked why, FinanceBuzz noted that Waffle House was able to provide a menu showing a different price change. (Food & Wine independently checked menus from various years available online showing price increases have occurred). Food & Wine reached out to Waffle House for the same information, which they declined to provide. So, we have decided to keep the story as is. You can see the original data here.

No, it's not just your imagination. Everything really is getting more expensive. While the rising cost of living is seemingly slowing down a bit, the Social Security Administration has raised the Social Security and Supplemental Security Incomebenefits by 2.5% in 2025 over 2024. Meaning, yes, life costs more. And that apparently even includes meals at some of your favorite "lower-cost" fast-casual restaurants.

In March, FinanceBuzz, a financial resources website, shared its findings on how much fast-casual restaurant prices have risen over the last five years, including which restaurants have marked up prices the most.  

To understand the rise in cost, the team compared current menu prices across 16 popular chains in the United States. It analyzed the same items and their cost over five years. It found that prices are skyrocketing across the board. "From 2020 to 2025, the inflation rate in the United States rose by 22%. In that same time frame, the average price increase at 16 popular chain restaurants was nearly twice as high, at 42%," the findings noted.

There is one place where prices have nearly gone off the charts: Waffle House. According to the report, "prices have nearly doubled since 2020 at the southern staple that specializes in breakfast items, with costs rising by 96% on average." The findings noted that prices could even continue to rise at the restaurant thanks to its new egg surcharge and the ongoing avian flu epidemic. 

But it's not just eggs that are expensive here. In 2020, hashbrowns cost just $1.95. Now, that same serving will set you back $4.20, marking a 110% increase. Even a cup of coffee at Waffle House isn't immune, with prices rising from $1.80 in 2020 to $3.15 in 2025. 

Next up on the list is another breakfast-centric spot, IHOP, where prices have increased by 82%, on average, over the last five years. According to the study, the largest price increase is with its 2x2x2 combo, which has gone up 129%. 

The good news is these two are major outliers. The third largest increases in pricing were found at Texas Roadhouse, where the cost of menu items has gone up 46% on average. Its largest price increase is with its Macaroni and Cheese kids meal, which now costs 63% more than in 2020. It's followed by TGI Fridays, where prices have increased by 45%, Applebee's at 41%, Cheesecake Factory and Hooters both at 40%, Chilis at 39%, Denny's at 36%, and Cracker Barrel at 35% to round out the top 10. 

Fast Facts:

• From 2020 to 2025, chain restaurant pricing increased by an average of 42% — nearly twice the rate of inflation, which was at 22%.
• Due to the nationwide egg crisis, chains specializing in breakfast had the highest price increases, with Waffle House and IHOP jumping by 96% and 82% respectively.
• At 26%, Florida-based Longhorn Steakhouse had the lowest increases.

"I don’t think most Americans will be all that surprised to learn prices have been increasing at restaurants, but there may be some sticker shock when you look at where we were a few years ago vs. now," Chris Lewis, the director of digital PR at FinanceBuzz, shared with Food & Wine. "Customers have been feeling higher prices for years, but it’s hard to notice or understand how incremental price changes when they’re just 50 cents at a time."

While Lewis added they aren't saying "don't go out to eat," they do hope this study helps consumers "cognizant of where their money is going and to use it in whatever way maximizes their enjoyment of it."

Fast Casual Chains With the Highest Price Increases
RESTAURANT	AVERAGE PRICE INCREASE	LARGEST SINGLE-ITEM INCREASE
Waffle House	96%	Grilled Chicken Biscuit: 150%
IHOP	82%	2x2x2 combo: 129%
Texas Roadhouse	46%	Macaroni and Cheese kids meal: 63%
TGI Fridays	45%	Sizzling Chicken & Cheese: 62%
Applebee’s	41%	Chicken Wonton Tacos: 57%
Cheesecake Factory	40%	Classic Burger: 46%
Hooters	40%	New England Clam Chowder: 55%
Chili’s	39%	Crispy Honey-Chipotle Crispers: 47%
Denny’s	36%	Build Your Own Grand Slam: 63%
Cracker Barrel	35%	Cracker Barrel Sampler: 52%
Red Lobster	34%	Chocolate Wave and Bar Harbor Lobster Bake: 46%
Olive Garden	30%	Chicken Alfredo: 40%
Outback Steakhouse	29%	Wood-Fire Grilled Shrimp on the Barbie: 43%
Buffalo Wild Wings	29%	Medium Traditional Wings: 41%
BJ’s Brewhouse	26%	BJ's Original Wings: 36%
Longhorn Steakhouse	26%	Kraft Macaroni & Cheese Kids Meal: 40%