Here's Why Outback Prices May Soon Rise
Fun fact: You can get a taste of Australia without ever boarding a plane (or even buying a ticket). All you have to do? Book a reservation at Outback Steakhouse. The Australian-themed restaurant chain has nearly 700 locations across the country and is known for its delicious steaks, which are rubbed with a secret 17-spice blend and then either seared on a grill or cooked over an open fire with wood (via The Daily Meal). Outback's menu also includes a lot of other dishes from down under, including grilled chicken on the Barbie, Aussie Twisted Ribs, and, of course, the cult-favorite Bloomin' Onion, which is the chain's must-have appetizer.
Another big draw of Outback Steakhouse is its prices, which are significantly lower than fancier steakhouses, where steaks can cost upwards of $100. At Outback, depending upon your location, you can get a 6-ounce sirloin starting at around $14.99. However, there is some bad news for Outback fans in the coming months as it pertains to your wallet. According to recent reports, the beloved chain is about to increase its menu prices across the board.
Outback has been hit with inflationary pressures
Outback Steakhouse prides itself on being "the place that serves great steak at a reasonable price," according to the brand's franchise website. However, those prices are about to change. Nation's Restaurant News is reporting that Bloomin' Brands, which owns Outback, along with other popular restaurants like Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar, has announced it will be increasing Outback's menu prices in 2022. The reason? Inflation and increased labor costs. "We try to be modest on pricing, but we had to take 5% on price this year because of extraordinary inflation," David Deno, CEO of Bloomin' Brands, cautioned during a fourth quarter earnings call last week.
It's not the first time Outback has raised its prices. To combat inflationary pressures last year, the Florida-based chain increased prices by 3%. Now, just months later, its leaders are saying that 3% wasn't enough to cover the rising costs and have decided to amp up that increase by an additional 2% in the coming months. "Given that we had not taken a material menu price increase since 2019, we are confident that [5%] is appropriate," CFO Chris Meyer explained (via Tampa Bay Times).