Meat Prices Soar as Foodservice Inflation Reemerges Amid Global Commodity Market Pressures
The foodservice industry is experiencing inflationary pressures once again, as prices for meat and poultry rose in August. According to the Foodservice Price Index from Prestige Purchasing and NIQ, food and drink prices in the hospitality sector increased by 0.4% month-on-month.
The meat and poultry category returned to inflation, driven by strong demand and constrained supplies, particularly for pork and lamb. International prices were further exacerbated by elevated feed and operational costs.
Prestige Purchasing notes that milk, cheese, and eggs recorded the highest month-on-month increase in several months due to a tightening of raw milk availability in Europe. Global vegetable oil markets hit their highest level since 2022, contributing to upward momentum in oils and fats prices.