Do you know what MKT means?
Not knowing what those initials mean could end up costing you, especially as beef prices are on the rise and tariffs are impacting prices of food, groceries and goods. Like it did for Aribella Menold.
“POV: you didn’t know what ‘mkt’ meant on steak menu and now (you’re) paying for it,” the text on the TikTok video from Menold reads.
In a video on Instagram with 21.8 million views and the same video on Tiktok with 3.6 million views, you can see the reaction of three young women when the bill came. Their order had included two steaks, which each cost $52, a kid’s grilled cheese sandwich for $10 and a baby kale Caesar salad for $28. A credit card surcharge of 3% was also added. With sales tax, the bill totaled $159.14.
Menold, 20, told USA TODAY she and two young relatives were out to dinner at a separate table from other family members while on vacation in North Carolina. At most, she said she thought the MKT price steak would be “around 20 bucks. I’m pretty sure we just read the menu wrong but come from a big family so we never go out to fancy restaurants (too) often.”
The popular video sparked a lot of debate in the comments about whether the price for the meal was normal or expensive and whose responsibility it is to know how much something costs if the menu price isn’t listed.
So, is MKT just another way to say “expensive”? Here’s what you need to know before you order:
What is MKT or MP price?
MKT stands for market price, and MKT or MP are often a standard way to express that on a food menu, said David Ortega, a food economist and professor at Michigan State University.
“It signals that the cost of the item changes regularly based on current supply and demand conditions, rather than being listed as a fixed dollar amount. It’s most often used for items whose wholesale prices fluctuate frequently, like fresh seafood, premium cuts of meat, or seasonal ingredients,” Ortega told USA TODAY.
“This approach gives restaurants flexibility for items whose costs can vary. Instead of constantly reprinting menus, they list the item as market price and adjust based on what they paid to source it. This means the final price consumers pay may change from one visit to the next, depending on what is happening in the market for that product.”
Ortega said he has also seen “seasonal pricing,” on menus, especially for items like oysters or lobster that tend to be more seasonal depending on the location.
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How or why does the MKT price change for a particular food?
Market prices fluctuate due to supply, demand, seasonality, and other factors, especially for items whose wholesale costs can vary daily, like seafood or steak, said Katie Thomas, who leads the Kearney Consumer Institute, an internal think tank at global management consulting firm Kearney.
“Restaurants use MKT pricing to adjust with the real-time cost and maintain profitability,” Thomas told USA TODAY.
Prices can change due to shifts in supply and demand, said Ortega.
“For example, ocean temperature fluctuations can reduce lobster availability, pushing prices up. For beef, the impact of drought and herd reductions has been tightening supply, driving up costs. Increased demand for certain items, like lobster in the summer, can also drive up prices,” he said.
Are tariffs and other economic pressures causing MKT prices to be even more volatile?
While tariffs are affecting prices for a variety of products, tariffs and global economic pressures have increased food price volatility, said Thomas.
“New tariffs, supply chain disruptions, labor costs, and even climate-related factors all contribute to unpredictable swings in prices for ingredients, which make menu items with MKT pricing more volatile than ever,” she said.
The higher tariffs on imported food or ingredients can raise the cost for restaurants, said Ortega. Other challenges like labor shortages, rising input costs, and extreme weather can also affect prices, he said.
The ease of the supply chain getting food products to the restaurant also affects pricing, said Phil Kafarakis, CEO of IFMA, The Food Away From Home Association.
“Many restaurants are starting to manage their food costs by using ‘market price’ on their menu for their most expensive and unique items,” Kafarakis told USA TODAY. “Also, market price can be the cause of not having an item or being out of stock on an item, so it is a very effective technique to manage the variability in food costs on a daily basis.”
What should you do when you see MKT?
Consumers should always ask for the current price before ordering a MKT item, said Thomas. “While the practice allows restaurants to offer fresh, high-quality dishes, diners should not assume these dishes are affordable. Sometimes they are significantly higher than the average menu item.”
It is a completely normal and fair question to ask your server if you see MKT or MP on the menu, said Ortega.
“That way, there are no surprises when you get the bill. In some cases, the cost can exceed expectations, so it’s important to ask,” he said. “Some servers may offer that information upfront, but that’s not always the case.”
Ortega also adds: “If something is listed as ‘market price’, it doesn’t necessarily mean it’s overpriced. In some cases, when there is plenty of supply, you might actually get a deal.”
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What foods or other menu items are most likely to be listed as MKT price?
Dishes most likely to be listed as MKT or MP are those with the most variable and seasonal ingredient costs, such as fresh seafood (like lobster, oysters, or fish), certain steaks, or specialty produce, said Thomas. These items depend on real-time market rates for freshness and availability, she said.
Additionally, Ortega said market pricing can be on items with highly variable sourcing costs or limited supply, such as seafood, premium meats (like dry-aged or high-end steaks), specialty imports (like truffles and caviar), and in some cases, seasonal produce. Chef’s specials or dishes built around highly seasonal ingredients may also be listed as market price, he said.
Specialty vegetables and greens, “think truffles, both white and black,” are also often listed as market price, said Kafarakis. “Traditionally, when in a high-end restaurant, there is a high likelihood you will see market price and perhaps a tasting menu of items that have been bundled for one meal cost,” he said.
Menold’s advice for others? “Pay attention to details.”
She will be asking the MKT price in the future, “considering the fact I learned the hard way, I know what it means now.”
Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher and @blinfisher.bsky.social on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.
This article originally appeared on USA TODAY: What does ‘MKT’ even mean? These women diners pay for not knowing
