Hospitality expert reacts: Consumer Price Index announcement

Sam Martin, CEO of Peckwater Brands, Europe’s largest virtual food brands operator, said: “Today’s CPI figures show an encouraging downward trend in inflation, but many business owners will worry that they might not survive this period before things go back to normal. Foodservice price inflation remains over 20%, leaving hospitality businesses at great risk.

“The triple threat of high inflation, rising energy costs and staff shortages has seen pubs and restaurants shutting at an alarming rate, with closure rates higher than pandemic-hit 2021. Indeed, a third of UK hospitality businesses are at risk of closure in the next 12 months.

“Hospitality is a vital provider of employment and a major driver for the economy; something needs to be done to help businesses cope with the challenges of energy and food prices. Times are harder than ever for consumers, but I hope communities will come out in support of their local businesses and that most of our nation’s pubs, cafes and restaurants will make it through unscathed.”