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What to do when food prices are spiralling?

Due to rising demand, product shortages, distribution problems, with a lack of delivery drivers, food service prices are under extreme risk of imminent increase as the hospitality industry gears up for the festive season.

Due to rising demand, product shortages, distribution problems, with a lack of delivery drivers, food service prices are under extreme risk of imminent increase as the hospitality industry gears up for the festive season.

Paperchase, the leading hospitality accountants in the UK, offers solutions

As hospitality looks toward a good festive trading period, all may not be rosy in the garden. Trying to recoup losses incurred during Covid, Christmas trading is crucial for the survival of many operators in the industry. The supply chain is blighted by chronic shortages, a lack of pickers of UK fresh fruit and vegetables, a shortage of HGV drivers, and insufficient stock due to post-Brexit imports.

Recent reporting from the CGA Prestige Foodservice Price Index suggest that prices of goods may rise by between 3% and 6% as a minimum from present time to early December, with bigger price hikes due, putting additional pressures on the bottom line.

Paperchase, the leading hospitality accountants in the UK explores a few market solutions.

Paperchase Says

With spiralling costs of foodservice goods, from an accounting point of view, it is essential operators have the most up to date insight into their weekly trading. It is crucial that you are aware of all running costs on a week by week basis and there are no surprises, because at the end of the month it is too late to take decisive action.

If costs are spiralling in one area that you cannot control, such as food services prices, there may be options that operators can take, subject to their circumstances, of course.

Whatever your actions, Paperchase provides it clients with the most comprehensive weekly reporting, enabling restaurateurs to check costs against profits, enabling them to make decisive changes to their operating procedures quickly and timely, making a difference in their businesses.

For more information on how Paperchase can help you contact:

E: [email protected]
T: 020 8633 7700
W: www.pchase.co.uk