Could An Increase In Food Prices Affect Your Business?

Information about a rise in food prices is hard to find but there is buzz about it around different news websites.  Some U.S. food prices have already gone up and it’s estimated more will in 2011.

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A CNBC article by Brian Shactman posted numbers from the U.S. Department of Agriculture (USDA)’s Consumer Price Index Report for food. Prices are expected to increase by two to three percent next year. Shactman points out this doubles 2010’s numbers.

While wholesale prices began increasing in 2009, many restaurants have been taking in the increased costs and not passing them on to customers. However, Shactman found this is changing.

In today’s economy, consumers are cutting costs, and an increase in prices at restaurants may have an impact on businesses.

Another article by the Star Tribune of Minneapolis and St. Paul, Minnesota, mentions big food companies such as Kraft Foods, General Mills and McDonalds have announced they will be raising prices. This shows places are beginning to take action.

While much of the information available about an increase in food prices is speculation, opinion and estimation, we want to know about how this may affect your restaurant. What have you heard and are you preparing? If so, what changes will you have to make? Please join in the discussion. We want to hear from you.

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