2022 was a year of uncontrollable pressures for restaurant operators: rising inflation forced supply costs up, made borrowing capital more difficult and forced operators to raise menu prices. According to the latest National Restaurant Association Business Conditions survey, the trifecta of higher food costs, labor costs and energy/utility costs are now a significant challenge for a majority of operations.
“The restaurant industry is ending the year in an environment that’s the most typical since 2019,” said Hudson Riehle, senior vice president of research for the National Restaurant Association. “Moderate but positive employment growth across the economy and elevated consumer spending in restaurants will allow the restaurant industry to kick off 2023 on a more optimistic note than the last few years, but operators remain braced for potential challenges in the new year.”