The Food Prices Issue and Its Impacts on the Industry

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The Food Prices Issue and Its Impacts on the Industry

Several factors contribute to rising food prices, including climate change, population growth, and the increasing demand for meat and dairy products. These factors will significantly impact food costs in the coming years. The good news is that many businesses are taking steps to address the challenge of rising food prices. The essay focuses on the challenge of increasing food prices, its impacts, and its effects.

When it comes to the issue of food prices, many things come into play. First, there is the cost of production, which has been on the rise due to droughts and floods. Then there is the cost of transportation, which has gone up because of things like fuel prices and labor costs. Additionally, the issue of demand can fluctuate depending on many factors (Ryan, 2018). The challenge of increasing food prices affects both the cost of ingredients used in dishes served at restaurants and the prices charged to customers. For restaurateurs, the cost of doing business goes up when the price of food increases which causes a decrease in profit margins (Bushnell et al., 2017). For customers, higher food prices mean they must spend more money on dining out, which can lead to a decrease in business for restaurants, ultimately leading to job loss in the culinary, hospitality, and food industry.

The effects of the increase in food prices are far-reaching and affect everyone. For example, when wheat prices go up, the bread will rise since bread is made from wheat. Bread is a staple in many peoples diets, meaning people will have to spend more money on food overall (Hoflund et al., 2018). The same is true for meat and dairy products. Because cattle are fed corn, the value of beef will rise if the price of corn rises (Mor et al., 2021). If the price of milk increases, the price of cheese will increase, since cheese is made with milk.

Some organizations can help with the challenge of rising food prices. Some examples include The National Culinary Review, a monthly publication covering the latest culinary industry news and offers tips and advice on running a successful food business. The Food and Agriculture Organization of the United Nations is a United Nations agency that works to end hunger and improve nutrition worldwide (Powell et al., 2021). Feeding America is a nonprofit organization that works to end hunger in the United States. They do this by providing food to those in need and advocating for policy changes that will help make food more affordable and accessible for everyone.

In conclusion, the challenge of increasing food prices is relevant to the culinary, hospitality, and food industry because it significantly affects food availability and quality. Businesses that have the necessary information and awareness of the issue might take actions to mitigate the effects of rising food prices (Kobayashi, 2020). For now, the best thing businesses can do is to be aware of the issue and try to be as efficient and economical as possible with their ingredients.

References

Bushnell, J. B., Hughes, J. E., & Smith, A. (2017). Food vs. fuel? Impacts of petroleum shipments on agricultural prices. National Bureau of Economic Research.

Hoflund, A. B., Jones, J. C., & Pautz, M. C. (2018). The intersection of food and public health: Current policy challenges and solutions. Routledge.

Kobayashi, T. (2020). Measures against food loss and waste in the retailer and hotel-restaurant industries: Material Cycles and Waste Management Research, 31(4), 285293. Web.

Mor, R. S., Kumar, D., Yadav, S., & Jaiswal, S. K. (2021). Achieving cost efficiency through increased inventory leanness: Evidence from manufacturing industry. Production Engineering Archives, 27(1), 4249. Web.

Powell, J. P., van, M. J. C. M., & M., P. J. H. (2021). Measuring and assessing the effects of climate change on crop yields: A multilevel approach. Wageningen University.

Ryan, C. (2018). An overview of trends and challenges in the hospitality industry. In The Routledge Handbook of Hospitality Marketing (1^st ed.). Routledge.

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