Brits can expect to see their household bills increase again in October, with the energy price cap set to dramatically rise for a second time. In April, energy prices soared across the country as the cap rose from £1,277 up to £1,971 – an increase of £693 a year.
Cost of living crisis: Greggs warns prices of pasties and bakes will rise
16.05.2022 - 17:43 / manchestereveningnews.co.uk
Bakery chain Greggs has announced it is forced to increase prices of popular breakfast items due to inflation. The company said it was planning on implementing the changes "soon" with product prices set to increase by up to 10p.
Roger Whiteside, who will step down as Greggs’ chief executive on Tuesday, said in an update to shareholders that the business is in the process of working out its latest potential price increases due to cost inflation.
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.”
READ MORE: Greggs launches new school breakfast clubs where pupils can eat for free
Like other companies, Greggs has been hit with rising costs from energy to meat and Russia’s war in Ukraine, a big producer of sunflower oil, has forced it to source alternatives.
Greggs customers already struggling with the rising cost of living could see this as further reason to tighten their belts. But one analyst said that some customers might switch from even more expensive rivals.
Ross Hindle, an analyst at Third Bridge, said: “The big unknown is how consumers react to the rising costs and tightening of wallets. It is believed that there is an opportunity for Greggs to gain market share from ‘posh’ coffee shops and more expensive food-to-go operators as Britons cut back on their mealtime and beverage spend.
“However, balancing market share opportunities with margin protection is
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