Page 7 - Menu Prices News Today

Portillo's CEO provides some insight on the restaurant chain's "price laggard strategy."

The romans numeral, 8.2 as in restaurant prices rose 8.2% last month from a year ago. restaurants are raising menu prices faster than overall inflation to make up for shrinking profit margins. are you tempted to ditch the night out and cook at home? grocery prices are up too. more on that in a moment. look at markets around the world, asian markets closed down, european are mixed. on wall street stock entex futures are also leaning down after critical consumer inflation data. annual inflation ...

These on the screen lastly, because this is how restaurants are managing their costs, right? what do they do? they increase the menu prices. 87% of restaurants change the menu. 59% reduce hours. 48%, they close on days theyre normally open. these are drastic measures. theyre raising menu prices. everyone gets that. the rest of them are closing and shortening staff hours and doing things to wiggle out of this. some are doing it. some are not. >> correct. actually, our restaurants are not doing th...

All the proteins, beef, chicken, seafood to just labor costs. higher and higher. finding it almost impossible to hire new staff. luckily we have had a lot of good long-term staff with us for a long time and they are keeping us going. >> bill: same argument weve been hearing for two years now. we asked americans whether or not inflation is under control. on screen now this goes back a ways now. at the bottom screen not at all. 56%. so how does that affect you, chris? >> i would agree with that. t...

The? >> as weve all experienced, grocery stores, the prices have gone up kind of about 12% from last year, from a year ago. in the restaurant sphere the menu prices have only gone up 8.5%. what that really means is that restauranteurs in order to stay competitive have eaten some of that increased cost. theyve focused on menu items that are the most profitable, require the least labor that have the longer chef like. at the beginning of the pandemic, most menus got short in order to move their hig...

A new study has found that food service operators are growing more pessimistic.

Customers may also feel like they're getting a better value at a fast-food joint because they're spending so much more at the supermarket.

Inventory. also falling gas prices. down another three cents overnight, now $4.30 is the national average. sliding a whopping 60 cents in just a month. but still more than a dollar higher than a year ago. the main event today, the federal reserve will announce how much it is raising interest rates in its fight against inflation, three quarter point is expected. a big week second quarter gdp data tomorrow and earnings reported this week including alphabet and microsoft. mcdonalds is raising men...

Phil keating has that story from miami. >> reporter: the next time youre grabbing a meal at your favorite restaurant, you may notice that it costs a little more with new fees added to inflation. >> everything costs more now. >> reporter: connor green is a restaurant owner and says costs were already up due to the pandemic. >> the food and the beverage, our repairman costs more, our credit card fees have gone up. >> reporter: last october green pivoted to a commission service charge model for all...

Appreciate fees. >> theyre trying to get creative. in the past 12 months, wholesale food prices have increased 15%. in that same time frame, restaurants have only increased menu prices about 7%. the idea is that if you have that surcharge, youre not increasing your menu prices. >> reporter: and according to alignment research center data, 72% of restauranteurs, thats 3 out of 4, fear theyre going to have to go out of business and close up shop unless inflation prices start to moderate. and a rec...