Tuesday 15-11-2022 - 12:11

According to new analysis by the Office of National Statistics (ONS), more than a fifth of pubs, restaurants and cafes in the UK have cut their opening hours in the wake of rising energy costs.

 Survey data also shows that the hospitality sector as a whole was the most likely to say hikes in energy costs would make them consider raising prices.

 

As students’ unions and associations, we’re uniquely placed and by working collectively, should be able to weather the economic storm better than many. It is our responsibility to keep our doors open so students have a place to go - not just for support and advice - but where the prices in our shops, cafes and bars are competitive and where possible, better than our high street counterparts. 

 

The latest CGA Price Index revealed food price inflation hit a record high of 18.8% in September affecting both food and drink in hospitality. This means inflation has been in double digits every month since January!

 

While there are some signs of inflation easing, supply chains are set to remain unstable for at least the next year and managing supply prices continues to be extremely important to mitigate cost increases. Take a look at the snapshot report to see the average impact on key commodities.  

 

The Trading Support team negotiate pricing on behalf of members to push back supplier prices, protect contracts from inflationary pressures and protect margins as much as possible in a very volatile landscape. Catering contracts have quarterly commodity increases so we keep members informed of price movements to allow time to plan for increases and make any necessary changes to menus and stocked products.

 

It's worth noting that the NUSSL/SU Meal Deal continues to be better value than other well-known stores providing similar deals and the Union Streat Kitchen concept gives sustainability conscious consumers great value without compromising on ethics or sustainability.

Trading Support Director, Lynn King said: “In times of huge economic challenge, if we all work collectively to support each other, we could put ourselves in a stronger position than the high street are able to.  I believe our SU’s are uniquely positioned to weather these conditions better than many and I would urge you to take advantage of our full support”.