Beaumont restaurant owners talk about the ‘vicious cycle’ of inflation and product shortages
Historic inflation continues to drive up prices in virtually every sector of the US economy. According to the May 2022 Consumer Price Index, prices across all sectors rose 8.6% year-over-year, the largest annual increase in more than four decades. Record inflation is driven by rising energy costs, particularly fuel oil, which have risen 106.7% since last year, according to the report.
The restaurant industry is particularly affected by price increases. All food items were up 10.1% year-on-year, according to the CPI report, with items such as eggs up 32.2% over the past 12 months.