Propel Morning Briefing Mast Head CPL Learning Link Paul's Twitter Link Hogs Back Banner
Morning Briefing Strap Line
Fri 12th May 2023 - Foodservice price inflation falls below 20% for first time in five months
Foodservice price inflation falls below 20% for first time in five months, further drops forecast in months ahead: Food and drink inflation dropped to 18.9% in March, the latest CGA Prestige Foodservice Price Index reveals, with further drops forecast in the months ahead. It is the fourth consecutive fall in year-on-year inflation and the first time in five months the rate has dipped below 20%. While prices increased by 0.7% month-on-month between February and March, there are clear signs that inflation is steadily slowing after enormous challenges throughout the last year, the report said. The downward trend has been driven by an easing of prices in key commodity markets. The dairy and oils and fats categories within the index both recorded month-on-month deflation on the back of improved availability, aided by increased milk production and falling edible oil prices. Only two of the index’s ten categories reported month-on-month inflation of 2% or more. Inflation has also been slowed by significant falls in the cost of crude oil, a major upstream influencer on the price of food. Crude prices fell 24.4% year-on-year and 4.4% month-on-month. While other factors including labour, energy and currency markets will continue to influence pricing, the new edition of the index forecasts further falls in inflation in the months ahead. However, some categories, including meat and sugar, are likely to remain volatile as a result of supply uncertainties. Prestige Purchasing chief executive Shaun Allen said: “Prices remain high, and with eight out of ten categories still reporting month-on-month increases, the overall cost of food and beverages in the sector continues to rise just at a slower rate. The pressure on operators’ margins is still increasing.” James Ashurst, client director at CGA by NIQ, added: “After months of relentless pressure on prices, we can be cautiously optimistic that foodservice inflation is at last softening. But much damage has already been done to businesses’ costs and consumers’ spending, and with various areas of food and beverage supply still volatile, conditions will remain difficult for some time to come.”

Leon co-founder John Vincent invests in influencer platform Invyted: John Vincent, co-founder and former chief executive of Leon, the healthy fast-food chain, has invested in and become an executive partner of Invyted, the tech platform that “transforms how brands and influencers collaborate”. Vincent left the then circa 70-strong Leon in April 2021 after Mohsin and Zuber Issa, the brothers behind Asda, acquired the brand through their EG Group business, in a £100m deal. Vincent joins Invyted, which was founded by 22-year-old food blogger turned entrepreneur Asti Wagner, as it gets ready to officially launch. The company began a trial phase initially focusing on hospitality at the end of last year under the name Inbited, but has now rebranded as Invyted. The platform allows brands and influencers to collaborate in real-time and enables brands to continuously track the impact of any campaign. Wagner said: “I experienced first-hand how time consuming and complex it is for companies and influencers to communicate and how difficult it is for marketing teams to track and measure the reach and engagement resulting from their campaigns. I presumed there was a tech platform that made this possible – there wasn’t, so I thought it would be helpful if I created one myself. There is creative talent on both sides – we have created Invyted to bring everyone together on one platform.” Wagner has spent the last year developing the technology, and is now launching Invyted, starting in London. While the first focus is the UK, Invyted has been created to operate internationally, with New York and Los Angeles launching later this year. Vincent said: “I know from someone who has spent a few years building a food brand that Invyted offers something very powerful. Just as importantly, I am loving working with Asti. I have so much to learn from her and I am excited to build Invyted together.”

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
Bristol Syrup Co Banner
Quorn Banner
Surreal Banner
HDI Banner
Growth Partners - Find out More Banner
Adnams Banner
Bizimply Banner
Contract Furniture Group Banner
Hogs Back Banner
Star Pubs Banner
BrewDog Black Heart Banner
Propel Banner
Hospitality Rising Banner
Cynergy Bank Banner
John Gaunt Banner
Zonal Banner
harri Banner
HGEM Banner
Access Banner
Christie & Co Banner
CACI Banner
Airship – Toggle Banner
harri Banner
COREcruitment Banner
Bristol Syrup Co Banner