The chips are down: pizza, fried chicken and doughnut shares plunge on ASX as living costs bite budgets

Shares in KFC operator Collins Foods have fallen on the ASX as consumers look to reduce spending amid cost-of-living pressures. Photograph: Keith Morris/Alamy

Once a symbol of cheap eating, fast food is transforming into a luxury many can no longer afford due to resurgent living costs.

This shift is reflected on the ASX, where major pizza, fried chicken and doughnut outlets are seeing significant price drops, raising the question: are consumers so downbeat that they are even giving up on fast food?