Ready for the NINE pound pint? Pubs and restaurants will raise menu prices by ANOTHER six percent
A trip to the pub is set to get even more expensive as menu prices go up by another six per cent in the next year, according to industry bosses.
Hospitality businesses said in a study they expect to raise prices again as costs increase, with prices already having gone up by nine per cent in the last year.
In June, trade analyst CGA reported the most expensive pint it had ever found at £8. The new figures mean the pint of beer would cost £8.48 this time next year.
An average pint in the UK was £2.30 in 2008, but pints have increased since then by 72 per cent to an average of £3.95 in 2022.
In London, an average pint costs far higher at £5.50, according to finder.com, and prices continue to increase.
Higher hospitality prices will also push up costs prices for takeaways, bars, clubs and hotels over the next 12 months.
They also mean a standard meal at Nando’s of butterfly chicken, sides and drinks for a family of four would go from around £68 to £72.08.
An average pint in the UK was £2.30 in 2008, but pints have increased since then by 72 per cent to an average of £3.95 in 2022. The London average at the moment is £5.50
With prices set to rise across the whole hospitality industry, meals at popular restaurants like Nando’s will become increasingly expensive
Venues are facing higher energy bills, a shortage of ingredients and supply issues as supplies become more expensive.
There are also ongoing problems in attracting and keeping staff – leading to higher wages to keep the business running.
Mounting costs and supply problems will persist, according to a new report by CGA in association with the Business Confidence Survey by hospitality experts Fourth.
The study found 81 per cent of hospitality business have been impacted by shortages of key food and drink products, 71 per cent reported ‘significant increases’ in energy costs and there are continuing problems hiring and retaining staff across the board.
A survey in the study showed business leaders had raised menu prices by an average of nine per cent in the last 12 months and expect to raise prices by six per cent in the next year.
Hospitality businesses have largely reduced energy usage or switched to renewable sources, and even added more plant-based food to menus in a bid to cut costs.
Sebastien Sepierre, Fourth’s managing director, said: ‘The hospitality industry has had a torrid time over the last two and a half years, and the ongoing supply chain disruption is the latest challenge that businesses have had to contend with.’
Karl Chessell, of CGA, added: ‘The double whammy of cost and availability issues is piling huge pressure on operators’ margins. Combined with the growing cost-of-living crisis for consumers, it means trading conditions will be very tough over the remainder of 2022.
‘Hospitality’s long-term future is bright, but for now leaders will have to find the right balance between absorbing soaring costs and passing them on to guests. The huge supply challenges also highlight the need for urgent and sustained government support for the sector.’
