Additional Reasons Why Food Prices Are Rising

Increases in food costs affect the bottom line for everyone including restaurant owners. Costmenu has posted multiple articles showing how inflation or the war in the Ukraine are affecting food costs, but this article shows how additional reasons such as fertilizer costs are increasing food costs. No matter the reason for the increase, Costmenu can provide solutions to adapt to them.

The following article was posted by: Andrea Miller on CNBC
Titled: The other reason why food prices are rising
URL: https://www.cnbc.com/2022/08/14/the-other-reason-why-food-prices-are-rising.html
Posted: August 14, 2022

Much of the article revolves around the increase in fertilizer costs. The key take-aways from the article are as follows:

• The United Nations' worst-case scenario calculation is that global food prices will rise by an additional 8.5% by 2027
• More expensive fertilizers are contributed to those higher costs, with some fertilizers spiking 300% since September 2020, according to the American Farm Bureau.
• More farmers expecting to turn to other crop types that require less fertilizer, such as soybeans
• Also factoring into price spikes are rising natural gas costs, where fossils fuels are used to produce fertilizers

Costmenu can help restaurant owners address the concerns noted above as we provide the following solutions:

Track Real Time Food Costs as they increase no matter the reason.

Tracking food cost and prepared item costs are critical to make sure menu items are priced right in order to get the proper returns. See in real time the effects of rising food costs and adjust with proper insight versus a simple guess.

Easy adjustments to compensate for other costs.

Costmenu provides two additional fields for waste and add-on percentages. These percentages can be used for adjustments in order to compensate for the other ancillary costs percentages such as labor, utility costs increase, and other factors associated with the food preparation and business items.

Costmenu's pricing is effective and cost-efficient.

Costmenu's pricing options are very cost-effective and will help provide the insight in order to make informed decisions on menu pricing, and where to cut costs elsewhere. Our system will pay for itself with the just information gleaned from analytics. If Costmenu can save you money, then you can pass that savings along to your customers and allow them go back out and enjoy your services.

About Costmenu:
Costmenu is a food/menu/recipe costing software that offer many advantages over excel spreadsheets and other inventory management programs. Costmenu integrates a powerful dashboard, food, prepared, and menu item costing features, menu building features, custom qr code label makers, document storage, event/catering management features, data security, performance measurement, data analysis and comparisons, CRM, and generation of various reports. For more information on Costmenu, visit https://costmenu.com, email sales@costmenu.com, or phone (949) 274-4814.