There is no escape from the inflationary environment right now. Inflation hit a 40-year high due to a continuous surge in the prices of essential items like gasoline, food, and rent. March consumer price index gained 8.5% year-over-year, posting the fastest pace since late 1981. Even after excluding volatile food and energy prices, core prices rose 6.5% in March.
Inflation undoubtedly impacts the restaurant industry because of the basic food costs that restaurants incur. From February 2021 to February 2022, food prices surged 7.9%, which was its largest yearly jump since 1981. Amid the current inflationary environment and labor shortages, the restaurant industry’s current position and strategies might be interesting to look into.
