Inflationary Factors Consumer prices ramped up to a 40-year high pretty much in every one of the 23 countries IACC have members in, with energy topping 30% year on year and food prices +10%. Analysts predict May to be a high point in the US, with a gradual descent in CPI inflation to around 6% by the end of 2022. Other countries are likely to experience similar levels. IACC member venues around the globe continue to report challenges with managing fast changing cost of goods, services and utilities. Dynamic pricing is being widely adopted in the short to medium term and as events begin to increase lead times, longer lead time bookings can be a double-edged sword, as pricing challenges negate to some extent the assurances that come from a fuller long term event diary for venues. Not surprisingly, Encore’s Planner Pulse reports budgets have been increased in areas such as guest rooms and food and beverage and technology. Careful menu planning and clever approaches to inclusive menus is paying dividends for venues when it is carefully thought out and executed. One example being to replace two separate dishes for vegan and vegetarian, with dishes that use the same base staple suitable for both, with variations to garnishes and secondary ingredients, thus reducing the labour involved.
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