By Klaudia Hostynska and Claudia Abbott
Inflation continues to remain close to record highs since the beginning of 2023. The costs are still on the rise, which is having a severe affect on local businesses in the Holloway area.
Alex Taiis, 33, manages the El Rincon Quiteno Ecuadorean restaurant on Holloway Road, just across from London Metropolitan University. Which prices have gone up? “Everything, from alcohol to food, vegetables and especially bills.”
Taiis is not the only one trying to make ends meet. Local fish and chips worker Zulujz Golemen, 63, works at the Chip Inn Fish Bar on Holloway Road, and says he is extremely distressed with the rising prices of vegetable oil due to a spiralling customs duty charge, making the large five-litre containers he purchases soar from £18 to £42.
Due to the increase in supplier prices, restaurants are forced to charge customers more money for their usual products. However as Golemen said: “If I put the prices any higher I will lose too many customers.”
Empty restaurants
Since Christmas, many restaurants have remained empty throughout most of the week. Christophe Bayle, 20, a delivery driver said: “I used to go out to restaurants every other weekend, but now most of the time it seems like a luxury.”
Restaurants are trying to simply cover their costs – but they have to be careful not to raise prices too much, if they want to stay in business. Most owners and managers are unsure what to do. “We have to look after the local community, but we also have to look after ourselves,” said Taiis.
Food prices of prepared snacks and meals on the high street have gone up by more than a quarter since 2020, according to the Guardian, which says this is the highest inflation since the 1980s.
“UKHospitality, which represents about 740 companies, says food businesses are struggling with inflation of about 18% on their total costs, from food to energy bills. This means consumers are seeing price increases on some popular menu choices,” the Guardian said.
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