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Restaurant owner unmasks new battlefront to ‘overcome’ as the price of food skyrockets
Johnny Roger’s owner Barrett Dabbs details how inflation is hurting his Concord, North Carolina barbecue and burger joint on ‘Varney & Co.’
While restaurants and small businesses have struggled with the weight of inflation, one barbecue and burger joint owner voiced his concerns over the shift from in-person to takeout dining.
Johnny Roger’s owner, Barrett Dabbs, revealed the increase in take-out meals is causing his business and others like his to lose money.
“It’s the price of everything that goes into that takeout meal,” Dabbs explained on “Varney & Co” Tuesday. “Everything is up 30 to 40% to where it was. [It] used to be $0.20, $0.25 were the cost to prepare it to go. But now, you just look at what it costs to get that item out the door. The food dining trends have changed. There’s not as many butts in seats. People do a lot more takeout. And so, it’s just one more area that us as businesses are trying to overcome.”
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“It’s the infrastructure with the ordering online. It is having somebody to take the order over the phone. It is the increased cost of all the to-go packaging. You have the to-go box, you have the gloves that it takes to prepare the food, the ramekins, the cups, the straws…”
The financial strain associated with take-out orders is just one more piece in a complicated puzzle presented to business owners living under post-pandemic inflation.
Johnny Rogers owner Barrett Dabbs details the impact inflation is having on his Concord, North Carolina restaurant.
Menu price increases are the most widely felt as customers are faced with paying more for the same amount of food.
Dabbs said his Concord, North Carolina restaurant has had to raise the price of a cheeseburger from $8 to $12 due to inflation.
“Right now we’re up around $12 for just a cheeseburger. A couple years ago, we were looking to charge right around $8 for that same price,” he said.
“Our menu costs have gone up just exponentially to try and stay alive.”
Food has been one of the most visceral reminders of red-hot inflation for Americans. In January, the cost of groceries increased for the 10th straight month.
Grocery prices climbed 0.4% over the course of the month, according to the data. On an annual basis, prices remain up 1.2% compared with the same time last year.
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However, the costs for restaurants extend beyond the food and beverage product.
“Everything’s gone up,” Dabbs said. “You have insurance, you have utilities. You have the cost of labor, everything that you can think of in our industry that is routinely a low-margin, tight industry to make profit. It really has just shrunk everything that we’re trying to do in order to turn a profit in a business.”
While finding ways to “overcome” economic challenges, Dabbs also revealed the restaurant has had to increase wages for employees.
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“We used to pay our guys $9, $9.25 an hour, just short-order cooks, burger flippers. We really raised our quality since then, and now we’re paying $13, $14, $15 an hour on average,” he said.
“Thank goodness we don’t have a super high minimum wage that just drives up the cost of everything else. But, as business owners, that’s tough.”
FOX Business’ Megan Henney contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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