Posted 4/2/2024, 12:00:00 AM
Surging Commodity Costs Drive Up Restaurant Prices
- Prices rising 5-8% at restaurants due to surging costs of cocoa, coffee, palm oil, and sugar
- Cocoa prices hit record highs over $10,000 per tonne due to poor harvests
- Packaged food companies may hike prices or reduce pack sizes due to high commodity costs
- Palm oil prices up 10% year-over-year, further increasing costs for restaurants
- Coffee prices also spiking due to weather issues and labor shortages, up 15% year-over-year
