Inflation could soar by 18% across hospitality, claims top industry body

MPs have been warned that restaurants and hotels could face “terrifying” inflation rates of up to 18%.

The chief executive of the Food and Drink Federation Ian Wright, told the House of Commons business, energy and industrial strategy committee on Tuesday: “In hospitality, which is a precursor of retail, inflation is currently running somewhere between 14% and 18%. That is terrifying”.

“Inflation is a bigger scourge than almost anything else because it discriminates against the poor.”

He said these issues could persist for years, explaining: “Six months ago, almost all our businesses thought it was transitory. Now every business I know is expecting this to last until 2023 and into 2024, every single one.”

Earlier today both the National Institute of Economic and Social Research and the Institute of Economic Affairs, warned that inflation could surpass 4% next year.