Anyone who shops for groceries or dines out on a regular basis knows that food is expensive. Many of us also know that when food prices go up, the impact is felt elsewhere. So is the case with senior living costs.
According to this McKnight’s Long-Term Care News article, food prices are predicted to go up to 4% (from 3%) in the year ahead, which means that assisted living communities and other senior care providers will have to pay more, and ultimately charge consumers more, to fill the gap.
Severe droughts in the US, shifts in global weather patterns, inflation, and instability in the Middle East are all contributing factors to the rising costs, said Prime Source CEO Michael Greenfield in the McKnight’s article.
The quality of food served in assisted living and other senior care communities is a good way of determining the overall quality of care provided therein, a sign of effective management and a well-run business. Hopefully the jump in food prices will not cause providers to skimp on quality, though the threat of rising costs overall will likely have a negative effect on senior living occupancy rates and bottom lines.