McDonald’s raised the price of its cheeseburger for the first time in more than 14 years due to rising base costs.
The fast food chain said it would add a range of items for between 10p and 20p in its UK restaurants. The previous price of the cheeseburger was £99, which will increase by £1.19.
For 40 years, companies have made fuel, Prices of their packaged goods are rising at a faster rate as costs for things like wages and ingredients rise.
McDonald’s UK and Ireland chief executive Alistair Macrow said in an email to customers that the company was facing tough choices about its prices.
“We understand that price increases are not good news. We have delayed and reduced these changes as much as possible,” he added.
Some items may be priced based on recommendations from McDonald’s, so prices may continue to change at some restaurants.
McDonald’s raise also other foods
Current price increases include breakfast, large coffees, Includes McNugget share boxes and medium to large sizes. If McDonald’s increased the price of a cheeseburger in line with inflation, it would now cost £1.42 more.
Since 1986, The Economist has surveyed the cost of a Big Mac worldwide. Figures released in July showed Britain was the 14th most expensive country out of 54 countries to buy a Big Mac, at £3.69 ($4.44).
In the other five most expensive countries for a Big Mac
Switzerland – $6.71 Norway – $6.26 Uruguay – $6.08
Sweden – $5.59 Canada – $5.25 McDonald’s operates more than 36,000 restaurants in more than 100 countries.
On Tuesday, it said it was considering adding cheaper, off-price menu options due to the rising cost of living in Europe. For some low-income buyers, it is said to be leading to cheaper purchases of goods and accompanying meals.
Compared to the same period last year, the company reported a 9.7% jump in global sales in the three months to the end of June.
By the war in Ukraine , up the cost of fuel and food. Also, UK inflation rose to 9.4 percent in June, the highest level in more than 40 years.
With job vacancies at record highs, some companies are needing to raise wages to attract and retain employees. However, salary increases are not enough to offset the rising cost of living.
Companies around the world are currently facing fundamental cost pressures. In addition, other countries are suffering from high inflation.
Last Tuesday, soft drink giant Coca-Cola raised its global price average around 5% for Bloomberg.
Amazon has announced that the price of its Prime subscription service will rise by £1 a month from September, which has forced it to increase prices for customers due to higher costs.
This year, KitKat maker Nestle; Marmite maker Unilever and bakery chain Greggs have also increased their prices.