As inflation rises throughout all hyperlinks of the provision chain, eating places are challenged to deal with ever-rising prices for elements and provides.
By the Numbers
Research from PYMNTS’ research PYMNTS research “Main Street Health Q3 2022: SMBs Battle Inflation,” which attracts from a July survey of 533 U.S. companies, finds that the clear majority, 62%, of companies within the accommodations, eating places and leisure sector have skilled rising prices from suppliers.
Get the research: Main Street Health Q3 2022: SMBs Battle Inflation
What They’re Doing About it
While 56% of those companies reported that they’ve raised client costs in response, they nonetheless seem like absorbing a lot of this inflation in an effort to maintain clients coming again.
In reality, findings from August’s Consumer Price Index for All Urban Consumers (CPI-U), reported by the U.S. Bureau of Labor Statistics (BLS) Tuesday (Sept. 13), revealed that meals costs total elevated 11.4% 12 months over 12 months, whereas restaurant costs rose solely 8%, indicating that eating places are taking the hit for his or her clients. In distinction, grocery costs rose 13.5% in the identical interval.
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