DistantNews
Support us
🇦🇺 Australia /Economy & Trade

Steak costs tipped to rise, prompting chefs to get creative

From ABC Australia · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • Steakhouse chefs are preparing for potential price increases due to rising costs in the red meat supply chain.
  • Factors like fuel levies and fertilizer prices, impacted by global events, are driving up costs for farmers and suppliers.
  • Restaurants may manage rising costs through careful portioning, alternative ingredients, or absorbing price hikes rather than increasing menu prices.

Chefs are bracing for a potential rise in steak prices, with some already implementing strategies to manage costs and maintain affordability. Head chef Frank Correnti, who runs a Brisbane steakhouse, said he prioritizes correct portioning and exploring alternative ingredients if meat prices increase. "If by chance there is a price rise in meat, we absorb the price rise as much as possible," he said.

It'd have to be a simple, beautiful piece of meat, red meat, rib fillet is my favourite cut, and just served simply on the grill.

— Frank CorrentiHead chef Frank Correnti describes his favorite red meat cut.

Rising costs across the red meat supply chain, from farmers to freight trucks, are expected to filter through to restaurants and supermarkets within months. Analyst Matt Dalgleish noted that increased costs for inputs like fuel and fertilizer, exacerbated by global conflicts, are putting pressure on the entire supply chain. "From wholesale to retail, [increased costs] can take three to six months to flow through, so next month [June] or so, we should see some impacts," Dalgleish said.

If by chance there is a price rise in meat, we absorb the price rise as much as possible.

— Frank CorrentiHead chef Frank Correnti explains how his restaurant manages potential meat price increases.

Dalgleish anticipates red meat prices could rise by 20 to 50 cents per kilogram in urban areas and up to $1 per kilogram in regional locations. He highlighted that perishable goods like meat, dairy, and fresh produce, along with those reliant on fertilizer, will be most affected. The supply chain has "little room for farmers or suppliers to absorb costs," he added, with freight costs up significantly and fertilizer prices nearly doubling in some cases.

A lot of the fluctuations in cost on plate may come down to a simple portioning error with our staff.

— Frank CorrentiHead chef Frank Correnti discusses factors influencing plate costs beyond meat prices.

Restaurants, though often sourcing directly from wholesalers, are not immune to these upstream shocks. Correnti, for example, works directly with meatworks to secure entire carcasses, allowing for greater control over quality and in-house portioning. This approach helps mitigate some of the cost fluctuations, ensuring that menu prices remain stable for customers.

We ensure that everything is weighted and measured, [or] I may go to market and see what else is available of the same quality.

— Frank CorrentiHead chef Frank Correnti describes his methods for sourcing ingredients and managing costs.
DistantNews Editorial

Originally published by ABC Australia in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog