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Greggs customers could face price rises as it warns of cost inflation

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theguardian.com

Greggs customers could face further price rises after the bakery chain warned that its costs would rise by 9% this year – four percentage points more than predicted at the start of 2022.The company said cost inflation “increased significantly” in the first half of the year led by pricier food and packaging.Greggs added 5p to 10p to the price of its products at the start of 2022 and raised prices again in May as it said the cost of ingredients was increasing.

At the start of the year, the group predicted prices would rise by 5% and upgraded that to 7% in March before the latest increase.Fears of shortages of cereals and sunflower oil from Ukraine as well as petrochemicals from Russia have added to existing inflation caused by energy and fuel price rises, and a bounce-back in demand since pandemic restrictions eased in many parts of the world.Sales at the chain rose by 27% to £694.5m in the six months to 2 July as shoppers returned to high streets following the loosening of Covid-related restrictions.

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