UK’s biggest pie maker to hike its prices
Move by Greggs is the latest sign of rapidly rising inflation in Britain
Greggs, Britain’s biggest bakery chain, has raised its prices by between 5p and 10p “across the range” to cover the rising costs of ingredients and labour.
The popular fast food outlet sells sausage rolls and steak bakes from its 2,000 outlets and is seen as a benchmark for good value in the UK.
The increase is the latest sign of rapid price gains that are squeezing living standards in the UK. According to one official survey on Thursday, companies plan to raise selling prices by 5% this year, which will pile more pressure on households already facing a 50% increase in energy bills and a tax rise in April.
Greggs’ price increases amount to roughly 5% overall, though a spokesperson said there was no official percentage rise being targeted.
“It was very much a last resort. Ingredients and labour costs have been rising and Greggs is not immune from that,” he said. “The company does absorb some of the cost but has put up prices by about 5p to 10p across the range.”
The spokesperson said Greggs last raised its prices in December 2020, by a similar amount.
Bloomberg News. More stories like this are available on bloomberg.com
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