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Squawk Pod

Thanks (and Inflation) on the Menu 11/24/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 24 November 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

The tale of 2022 continues to focus on record-high inflation, impacting business and consumers. The cost of food at home and in restaurants has surged this year, rising between 9.5 and 10.5%. On this Thanksgiving, we are grateful for stories like entrepreneur Cameron Mitchell’s. The owner of restaurants in 14 states and Washington, D.C., Mitchell has been a regular guest on Squawk Box since the earliest days of the pandemic in 2020, when he had to furlough thousands of workers. Mitchell tells Becky Quick that his business is back again, but these days, costs are a bigger concern than staffing and traffic. In “the worst cost environment” of his career, Mitchell is eyeing his margins and showing gratitude to his guests. In this episode: Cameron Mitchell @CMRColumbus Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

This is Squawk Pod, the daily podcast brought to you by the team behind the

0:07.4

and the NBC's squawk box. On today's episode, what else? We're talking food.

0:16.1

Whether you're cooking or going out, inflation is on the menu. This holiday we're checking in with restaurateur Cameron Mitchell and he's

0:20.2

ready for whatever 2022 brings.

0:22.9

People just want to get back together

0:25.0

and enjoy each other's company

0:26.3

and celebrate the holiday season.

0:27.8

So we're expecting a fairly strong finish for 2022.

0:31.8

A candid look at the pressures on cooks, consumers, and business owners.

0:36.0

In my 42 years in a restaurant business, this is the worst cost environment I've ever

0:40.2

operated.

0:41.2

I've never seen this before.

0:42.4

And what that cost crunch is

0:43.7

cooking up for 2023. Next year if we do hit a recession sales do start to

0:48.8

decline we'll see a dramatic pinch to our margins. I'm C. NBC producer Katie Kramer. It's

0:54.6

Thanksgiving November 24th, 2022 and Squawk Pod begins right now. Oh, Thanksgiving.

1:05.0

Thanksgiving.

1:07.0

Mashed Potatoes, cranberry sauce, stuffing, pie, and inflation. Economic pressures have forced many shoppers

1:16.2

to lighten up their grocery carts in 2022. Not just for the holiday, not just

1:20.4

for home cooks, food costs are up about 10% for the year according to government data.

1:25.9

So here at Squackbox to learn more about it, we called someone with boots on the ground in America's heartland.

1:31.9

Resteratore Cameron Mitchell, who runs eateries in 14 states and Washington, D.C.

...

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