Further price hikes are coming to Greggs soon, the bakery chain's boss has warned.
In March this year, price increases on sausage rolls in Greggs were forecasted as a result of Russia's invasion of Ukraine, putting a strain on the exports of key ingredients and thereby causing costs to surge.
Barring some stores in London, a sausage roll currently costs £1.05, with a smattering of other items seeing small increases over the past year. However, the price hikes are set to continue.
Roger Whiteside, Greggs' chief executive who's set to step down from his position this week, said the company is currently working out the extent of its price increases as a result of inflation across the country.
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As per Wales Online, he said: "At the start of the year we made some increases and then, when the reduced rate of VAT went back to normal, we had to add that back onto prices where we’d been able to pass the reduction to customers during COVID.
"We are now going to have to make some increases again soon. It will be on selected items, but it will be across different areas, so there might be 5p or 10p increases on some products."
In an earlier statement, a spokesperson for the company said the rising costs have 'necessitated some price increases, which were made at the start of this year, and further changes are expected to be necessary’.
They added: “As ever, we will work to mitigate the impact of this on customers, protecting Greggs’ reputation for exceptional value in the freshly-prepared food-to-go market.
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"Given this dynamic, we do not currently expect material profit progression in the year ahead."
However, this also comes after Whiteside earlier said there weren't any price increases in the immediate pipeline.
He said: "We’ve got no plans to raise prices currently, but obviously that’s going to have to remain under review given the way the markets are moving around the world on commodity food prices in particular.
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"If the market allows price increases to move onto customers, then we will have to attempt to do that, if it doesn’t then we won’t be able to... you’re trying to position price to make sure you maximise sales."
Reacting on social media, one user wrote: "It will hit Greggs harder let me tell you! Ain't no one paying £1.50 for a sausage roll! Maybe they should overcome and adapt instead of us."
For reference, nobody has claimed a sausage roll will cost £1.50. At their current price and anticipated increase, it'll likely cost £1.10 or £1.15.
Featured Image Credit: AlamyTopics: UK News, Food And Drink, Greggs