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15th November 2023

Commenting on October ONS inflation data in the hospitality sector

Ed Bignold, Head of Travel, Hospitality & Leisure at Alvarez & Marsal, said:

“Today’s data from the ONS shows that inflation is finally heading in the right direction in the restaurant and hotel sector, with inflation down to 7.6% in October from 8.6% in September. Inflation also continues to abate across the wider economy, falling to 4.7% in October, down from 6.3% in September.

Falling food prices and stabilising wage growth have helped bring pricing down to more normal levels. Despite a period of high prices, consumer appetite seems to have held up. Our recent research shows that nearly half of Brits had increased their holiday budgets compared to before Covid-19, despite having used up most of their excess pandemic savings. Enjoyment of leisure time continues to rank among consumers’ top priorities, and they’re willing to cut back elsewhere to spend in hospitality and leisure venues.

With base rate rises paused for the moment, and as we enter the festive period, this should be good news for the hospitality industry. Price growth is expected to continue to decline in the coming months, although businesses will need to remain vigilant and flexible when it comes to pricing as higher rates start to impact household budgets.”

Contact: Sam Dynevor,

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