Introduction
If you’re a steak lover, you’ve probably noticed that the prices of steakhouse meals have been steadily increasing over the past few years. While this is due to a variety of factors, such as rising costs of ingredients and labor, some steakhouse chains have increased their prices more than others. In this article, we’ll take a look at four steakhouse chains that have increased their prices the most, according to Eat This Not That. We’ll also discuss why these chains have raised their prices and what you can do to save money when dining at these restaurants.
4 Steakhouse Chains That Have Increased Their Prices the Most — Eat This Not That
Steakhouses are known for their high-quality cuts of meat and luxurious atmosphere, but they can also be expensive. With the cost of beef rising, many steakhouse chains have had to increase their prices in order to stay in business. Here are four steakhouse chains that have increased their prices the most.
1. Outback Steakhouse
Outback Steakhouse is one of the most popular steakhouse chains in the United States. The chain has seen a significant increase in prices over the past few years, with some menu items increasing by as much as 20%. Outback Steakhouse is known for its high-quality steaks, but the increased prices may be too much for some customers.
2. Texas Roadhouse
Texas Roadhouse is another popular steakhouse chain that has seen a significant increase in prices. The chain has increased its prices by as much as 10%, with some menu items increasing by even more. Texas Roadhouse is known for its large portions and affordable prices, but the increased prices may be too much for some customers.
3. LongHorn Steakhouse
LongHorn Steakhouse is another popular steakhouse chain that has seen a significant increase in prices. The chain has increased its prices by as much as 15%, with some menu items increasing by even more. LongHorn Steakhouse is known for its high-quality steaks, but the increased prices may be too much for some customers.
4. Ruth’s Chris Steak House
Ruth’s Chris Steak House is one of the most expensive steakhouse chains in the United States. The chain has seen a significant increase in prices over the past few years, with some menu items increasing by as much as 25%. Ruth’s Chris Steak House is known for its high-quality steaks, but the increased prices may be too much for some customers.
Steakhouses are known for their high-quality cuts of meat and luxurious atmosphere, but they can also be expensive. With the cost of beef rising, many steakhouse chains have had to increase their prices in order to stay in business. Outback Steakhouse, Texas Roadhouse, LongHorn Steakhouse, and Ruth’s Chris Steak House are four steakhouse chains that have increased their prices the most.
It’s no secret that restaurants have become more expensive in the past year. In April alone, the price of dining out rose by 7.2%—the steepest year-over-year increase in more than forty years, according to the U.S. Bureau of Labor Statistics.
Limited-service and full-service restaurants have been contending with record-setting increases in the cost of ingredients. Between April 2021 and April 2022, prices for meats, poultry, fish, and eggs shot up 14.3%, yielding the largest 12-month price increase for that category of groceries since 1979.
Steakhouse chains, in particular, have been feeling the pinch. Not only has the price of beef increased in the past year (due in part to drought and forage conditions), but beef production is expected to decrease sharply in 2023, and prices to reach all-time highs.
To keep pace with inflation and the ever-rising cost of red meat, steakhouse brands have been steadily dialing up menu prices in the past year. Here’s a look at four chains that have increased their prices the most.
And don’t miss 5 Worst Steakhouse Chain Orders To Stay Away From Right Now.
The Florida-based steakhouse chain increased menu prices (on select items) by 3.4% in March. So far, however, the price hikes have not impacted store traffic, according to CFO and COO Kristy Chipman.
Ruth’s Chris posted comparable year-over-year sales increases of 41.5% for the most recent quarter. A T-bone steak at Ruth’s Chris Steakhouse currently goes for $60.75.
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Following price hikes in May and November of last year, Texas Roadhouse announced a third round of increases in early 2022. The menu adjustments took effect in April, totaling 3.2%, but customer traffic remains as strong as ever.
Consequently, Texas Roadhouse will be staying the course on its full-year commodity inflation guidance of 12% to 14%.
Outback’s parent company Bloomin’ Brands tested out a 3% menu price increase in late 2021, but then adjusted it to 5% in early 2022. The price hike will remain in effect for the rest of the year, according to CFO Chris Meyer.
“Given that we had not taken a material menu price increase since 2019, we are confident that 5% is appropriate,” Meyer said in a statement.
So far, it doesn’t look as though the price adjustments have scared customers off. Outback reported comparable year-over-year sales growth of 9.2% in its most recent quarter.
In an early 2022 interview with FSR Magazine, Logan’s Roadhouse CEO Jim Mazany announced that “very minimal” price increases had been implemented at the steakhouse chain, following its acquisition by Fortress Investment Group in 2020.
Mazany credits the price hike—along with a recent menu overhaul— with improving Logan’s value proposition.
While steak prices at the chain appear to be holding steady for now, the cost of Logan’s Ribeye cut recently increased by 4.15%, according to PriceListo. At $27.85 a serving, it’s about $5 more expensive than what you can get at Outback, and nearly $7 more than Texas Roadhouse.
Owen Duff