Anticipating Significant Price Hikes in Hungary’s Hospitality Sector
The Hospitality Industry Faces Price Hike in 2022
Last year was challenging for the hospitality industry, and unfortunately, this year has already started with a price increase. Restaurants and hotels are expecting an 8-10% increase in prices, exceeding the rate of inflation.
Despite the drop in energy prices, costs continue to rise, in part due to salary increases. As a result, many businesses are considering raising their prices in the coming months.
In Békéscsaba, the manager of the Slovak Restaurant and Guesthouse, Ildikó Szabóné Szaszák, anticipates a 10% price increase to cover the rising costs of gasoline and wages. Meanwhile, in Pécs, the Megyeri Burgers restaurant has modified its opening hours in hopes of avoiding a significant price hike.
The situation is similar in Győr, where the owner of Klasszis Bistro, István Horváth, has focused on reducing costs by investing in energy-efficient equipment and exploring solar energy options.
The president of the Hospitality Industry Association has stated that many business owners are wary of passing increased costs onto their customers, fearing a loss of patronage. Despite this, the expected price hike for the next year is around 10%, with Budapest likely to see a larger increase than the national average.
This price increase is fueled by various factors, including the rising costs of energy, water, and wages. As a result, the hospitality industry in Hungary is bracing for a challenging year ahead.
It is clear that businesses in the hospitality industry are facing significant challenges as they navigate the economic impacts of the ongoing price hikes.
