Page 13 - Menu Prices News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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

The roman's 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 cooled for the seventh month in a row, but prices are still hot enough for more rate hikes. and als...

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 they're normally open. these are drastic measures. they're 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 that. we've been very, very blessed in our particular jinya ramen bar. we've not experienced some of...

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 we've 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. that's what we're seeing. what we're seeing is not only that increase in cost but then of course we ...

The? >> as we've 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. they've 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 high volume items. they lopped off things left and right. we still see much shorter menus than we did...