Here's a fun illustration from one of my favs, Food Republic, Andrew Carmellini's 10 Commandments to being a NYC Chef (source). Andrew Carmellini has worked in some amazing kitchens, earned michelin stars, james Beard, opened restaurants…. and spent time abroad learning in France and Italy. Learn more about him here
Record breaking droughts, rising fuel prices and a lingering corn shortage has driven beef prices to an all time high. Local restaurants are left with hard choices: change their menus, raise prices or eat the higher costs. Beef prices hit an all time high just before Memorial Day weekend and are unlikely to come down until July.
The catalyst for the shortage started in 2008 as the price for feed and fuel surged, which should've raised beef prices back then had we not entered into a deep recession cutting the demand. As the economy began to recover in 2011, higher prices for corn and soy beans caused a rise in feed prices forcing ranchers to cull their cattle because they couldn’t afford to feed them. Today, demand is back up yet we are experiencing the smallest number of cattle in the national herd in decades. Considering it takes 3 years to go from pregnant to slaughter ready there is no quick way to build up the supply. Some say it could be next year before we see a substantial increase in supply.
Here are some strategies to save you money:
Restaurants have to get creative and be flexible in their offerings as consumers will only pay so much to absorb rising beef prices. How best to adapt to the rising costs depends on your individual operation so if you’d like an expert analysis, a restaurant consultant can help you find solutions for your business.
Originally published 6/6/13