British baker and fast food chain Greggs this week introduced a further round of price rises, including for the sausage rolls it is famous for, as it battles rising costs, its boss said on Tuesday.
"We have put a small number of rises across products as of yesterday, we've worked hard to mitigate that," Roisin Currie, chief executive told Reuters.
Price Increase
She said a Greggs sausage roll was £1.05 ($1.20) at the start of the year, moved to £1.10 in May and is now £1.15.
Price rises on other products were 5 pence to 10 pence.
Currie said she hoped it would be the final round of price increases this year but could not guarantee it.
She was speaking after Greggs reported strong third quarter trading, sending its shares up 7.9%.
Confidence Levels
Confidence levels among Britain's consumers sank to a record low last month as they struggle with the accelerating cost of living, even before the government's mini-budget sowed turmoil in the mortgage market, leading to warnings of a sharp drop in house prices.
Wages are failing to keep pace with inflation that was 9.9% in August.
However, Greggs, also known for its steak bakes, vegan snacks and sweet treats, said its total sales rose 14.6% over the 13 weeks to 1 October its fiscal third quarter, with like-for-like sales in company managed shops up 9.7%. Its shares were up 9.4% at 0847 GMT.
"Given all the news just now around cost of living, money in the pocket, customers are looking for great value," CEO Roisin Currie told Reuters.
News by Reuters, additional reporting and edited by Donna Ahern, Checkout. For more retail stories, click here. Click subscribe to sign up for the Checkout print edition.
