"Food and drink prices in the hospitality sector rose by 0.4% in the month to August, the latest Foodservice Price Index from CGA by NIQ and Prestige Purchasing reveals. It represents a fifth consecutive month of price increases as hospitality businesses continue to navigate widespread inflationary pressures. Persistent inflation is being driven by a complex mix of global factors, including geopolitical volatility, adverse weather conditions and sustained high input costs."
"Pressures have been particularly acute in key categories including oils & fats, where a significant uptick was driven by higher international prices for palm, sunflower and rapeseed oils amid robust global import demand and tightening supplies. The coffee, tea & cocoa category saw the most substantial year-on-year increase, with prices surging as a result of global supply constraints and weather concerns in major producing regions."
Food and drink prices in the hospitality sector rose by 0.4% in the month to August. That represented a fifth consecutive month of price increases as hospitality businesses faced widespread inflationary pressures. Persistent inflation is driven by geopolitical volatility, adverse weather and sustained high input costs. Oils & fats experienced a significant uptick due to higher international prices for palm, sunflower and rapeseed oils amid strong global import demand and tightening supplies. Coffee, tea & cocoa saw the largest year-on-year increase because of global supply constraints and weather concerns. Meat and poultry rose overall, with beef and lamb inflation pushing the FAO Meat Price Index to a record high. Milk, cheese and eggs costs also increased. Businesses are advised to adopt proactive supply-chain strategies to mitigate sustained volatility.
Read at London Business News | Londonlovesbusiness.com
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