Why Restaurant Prices Will Keep Going Up in New Jersey in 2024?


In 2024, New Jersey’s restaurant scene faces an inevitable upswing in prices, influenced by various economic and regional factors. This trend, echoing across the tri-state area, reflects a broader pattern in the food industry. Key drivers include:

  1. Minimum Wage Increases: NJ, alongside NY and CT, has implemented a minimum wage rise to $15.13 per hour, significantly impacting labor costs in the restaurant industry.
  2. Credit Card Swipe Fee Hikes: Major credit card companies are upping their network fees, indirectly influencing restaurants to pass these increased costs onto consumers.
  3. Congestion Pricing Impact: New toll fares for Manhattan entries and exits could indirectly affect restaurant supply costs, as purveyors grapple with these added expenses.

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These factors collectively contribute to the rising cost of dining out in New Jersey, signaling a transformative period for both restaurateurs and patrons. Restaurants may need to adapt their pricing strategies, while diners might have to recalibrate their dining habits and expectations in this changing economic landscape.

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