Chains boost menu price increase
The latest Quarterly Report for Q2 2023 from food and drink insights service, Lumina Intelligence revealed:
- Food menu inflation surged by 14.4% in Q2 2023 compared to the previous year
- This increase was driven primarily by chain restaurants and QSR providers
- Chain restaurant dish prices rose by an average of £2.47, attributed to the introduction of pricier selections to boost customer spending
- QSR establishments witnessed a £0.69 increase in food item prices on their menus.
- Across the quarter, there was a 9.9% expansion in the average count of food and drink options on menus, reaching a total of 163
- Fresh menu additions came with higher price points compared to existing items, particularly focusing on novel, premium meat-based dishes commanding higher costs
- Prices within the same category saw an overall increase of 9.2%, predominantly driven by main courses and appetisers
- Notably, snacks experienced the most pronounced price escalation, aimed at boosting consumer spending
- Beverage prices also saw adjustments, with non-alcoholic drinks rising by an average of 8%, and alcoholic drinks experiencing a larger increase of 10.7% compared to the previous year
- These changes anticipate a forthcoming rise in alcohol prices due to adjustments in duty regulations.