Restaurant Hospitality is predicting falling food supply costs. Wholesale food prices decreased 2.9 percent in January 2016 through April, 2016. A midyear outlook predicts the trends will remain steady. That equals good news for New Mexico restaurant owners.
Even high-end seafood items are bargains now. SpenDifference’s seafood guru Andy Beaty, has good news for seafood lovers. Medium-sized shrimp, once $7 per pound, now cost $4.25. Cod and pollock prices are lower, and even lobster is more affordable.
Lower Food Cost Benefits
Stocking up on newly affordable items allows restaurateurs to offer time-limited specials. New menu items bring in new customers and build loyalty with existing ones. The outlook is so favorable some chains have made permanent menu additions. This allows restaurants to broaden their offerings and reach new first-time diners.
“This is the time to stock up for year-end holiday menus and promotions geared to college football playoffs and the Super Bowl,” Beaty says.
“This is a tremendous year for commodity purchases,” says SpenDifference DeWayne Dove/SpenDifference Vice President. “Prices for beef, pork and poultry are all at levels where restaurant chains can add protein offerings at lower menu prices to generate more traffic.”