2012, another year of major food price hikes?

Posted: January 23, 2012 in FINANCIAL, NEWS
Tags: , , , , , , , , ,

Monday, January 23, 2012 by: Ethan A. Huff, staff writer

(NaturalNews) Food commodity prices have been on the rise over the past two years, which means food retailers, vendors, and restauranteurs have had to figure out creative ways to absorb these added costs while still offering quality products that their customers can afford. But it looks like 2012 will be a definitive year where these costs are directly passed on to consumers, as a new survey indicates that most restaurants will be raising their menu prices this year.

Nation’s Restaurant News (NRN) recently released its 2012 Restaurant Operators Survey, which includes data on pricing strategies from more than 150 restaurant respondents. The report explains that 67 percent of restauranteurs plan to raise their menu prices this year, while 64 percent say they will specifically raise their prices between one and three percent.

Of those who said they would raise their prices, 31 percent said they would raise them as high as six percent. And six percent of those who said they would raise their prices indicated that they would do so by more than six percent. Only two percent of respondents said they planned to lower their menu prices.

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