In a not-so-sweet development for food lovers, dining out and ordering in are about to become more expensive.
According to The Economic Times, prices at both fast-food joints and high-end restaurants are set to jump by 5-8 percent starting April.
This increase, the first in nearly 1.5 years, comes as the costs of essential ingredients like cocoa, coffee, palm oil, and sugar have soared over the past quarter.
Sugar prices in FY24 have shot up by 10.8 percent compared to the previous fiscal year, hitting 3,800 rupees per quintal. And it's not just restaurants feeling the pinch, the surging cost of cocoa will also make sweet chocolates slightly bitter.
Cocoa prices breached 10,000 dollars a tonne for the first time last week, driven by poor harvests in Africa.Packaged food items are also feeling the squeeze, with palm oil prices spiking by 10 percent in the last three months due to reduced supply from key producers like Malaysia and Indonesia.
Industry insiders warn of further price hikes until early June, spelling trouble for consumers already grappling with rising living costs.