Feb 10, 2022

Marmite maker Unilever to raise prices as costs soar

Several firms have already revealed price rises to offset increased costs, including High Street giant Next, which said its prices would jump by up to 6% this year. Greggs, Britain's biggest bakery chain, said it had boosted prices between 5p and 10p on items across its range of sausage rolls and cakes, while Pret a Manger is upping the price of its coffee subscription service to £25 a month from £20.Food prices are also set to rise further, with the boss of Tesco, warning supermarket prices could increase by as much as 5% by the spring. Hannah Essex, the co-executive director of the BCC, told the BBC's Today programme: "These price pressures have been building over the course of the last year, and it has now reached the point where businesses are passing that cost onto other businesses and to consumers." In response to the higher operating costs, 73% of firms said they were raising prices, while one in 20 respondents to the poll said they were considering ceasing trade completely. "Unabated, the surging cost pressures produced by the cost-of-doing-business crisis will continue to lead to increased prices and fuel the cost-of-living crisis currently being faced by people across the country," she said.

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