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Thu 23rd Sep 2021 - More than three quarters of hospitality businesses to put up prices in face of rising costs
More than three quarters of hospitality businesses to put up prices in face of rising costs: More than three quarters (76%) of hospitality business leaders have said they will have no choice but to pass rising costs on to consumers by increasing their prices. So says the latest Business Confidence Survey from CGA and Fourth, which forecasts more rising costs and supply chain problems for businesses. The poll found 99% of businesses are currently experiencing supply chain issues, with 88% facing reduced product lines, 82% seeing deliveries delayed and 84% seeing products fail to turn up at all. This has, in turn, driven inflation in many key cost areas, with 82% reporting higher costs in their supply chain and 73% saying their food costs have risen. Access to products from Europe has been a particular issue, with 68% of those polled identifying it as a major area of concern. CGA director Karl Chessell said: “Brexit and covid-19 have dealt two painful blows to the food and drink supply chain, and few hospitality businesses have escaped the impacts. Delivery problems and cost pressures have come at the worst possible time, with thousands of pubs, bars and restaurants only just finding their feet after months of lockdown. This two-pronged crisis highlights the need for targeted government intervention and sustained support to protect thousands of businesses and jobs in the months ahead.” Fourth managing director Sebastien Sepierre added: “The survey paints a very stark picture of the supply chain crisis that is severely impacting hospitality businesses right now. Many in the sector are concerned about how it will impact this year’s festive season, particularly in light of the fact last year’s Christmas trading was severely curtailed by covid restrictions.” 


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