Study: Majority of consumers believe food/restaurant prices are rising

Consumers appear increasingly worried about rising prices in the food and restaurant industries.

Consumers appear increasingly worried about rising prices in the food and restaurant industries, as a recent survey from industry research firm Technomic found that 84 percent of respondents believe grocery prices have risen within the past three months.

In addition, the survey found that 62 percent of consumers believe restaurant prices have increased, suggesting, that despite gradually improving consumer confidence rates, businesses in the food industry may need to modify their pricing, marketing and customer research tactics in order to maintain profit margins.

Another study by Gallup released this week found that economic concerns top Americans' list of the most significant challenges facing the country.

However, overall confidence seems to be experiencing a gradual increase, as the most recent Thomson Reuters/University of Michigan Consumer Sentiment Index grew to 72.4 for the month of May, marking a three-month high for the reading. This may be partly attributed to the rising use of impartial, hands-on feedback gathering techniques such as mystery shopping, employee rewards and incentive programs.