![]() ![]() Restaurants have been raising prices as much as they can,” says agricultural economist Bill Brooks, principal of Stoneheart Consulting and instructor at the School of Agricultural Sciences at Northwest Missouri State University. “We are getting to the point that restaurant and food service providers will start putting less cheese on pizza and making cheese a line item for burgers.”Ī recent poll conducted by Black Box Intelligence showed that nearly half - 45% - of restaurant operators said their menu prices would be at least 7% higher by the end of the year, compared to the end of 2021, and 27% expected their prices to be 5-7% higher. “The best business to be in right now is the printing of restaurant menus. April was the second consecutive month that year-over-year traffic was negative. Traffic at restaurants was also softening, down 2.7% year over year in April and 1 percentage point lower than in March. Inflation across every sector of the food industry has left companies with a stark choice: raise prices or hold steady and shrink the volume of food offered, a process called shrinkflation.Īs of April, month-over-month restaurant sales were up for the 15th straight month, but growth was slowing, according to data from the National Restaurant Association. A restaurant owner in New Mexico considers taking beef off the menu after implementing three price increases over the past year, while another in Chicago raises prices for the fourth time, both hoping they can still retain customers with a slim profit margin. ![]()
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