News
Beef costs likely to force restaurant price hikes
October 14, 2008
The Dallas Morning News (Associated Press): As restaurants work to secure supply and price contracts for meat and other commodities for the upcoming year, they also are expecting big increases in food costs, which will likely lead to menu changes and price hikes.
Some chains are already adjusting their menus to reflect current high costs for both beef and chicken. CKE Restaurants Inc., parent of Hardee's and Carl's Jr., stopped offering Double Cheeseburgers in its 2 for $3 promotion at the end of August and replaced them with Jumbo Chili Dogs and Hot Ham 'N' Cheese Sandwiches to avoid selling pricey beef at a lower price.
"This is the most challenging environment for restaurant operators regarding food price inflation on the wholesale level for almost 30 years," said Hudson Riehle, senior vice president of research at theNational Restaurant Association.
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