Premier Foods will not raise prices for rest of year

Premier Foods, the maker of Mr Kipling cakes and Oxo stock cubes, has said it will not raise prices for the rest of the year. Figures on Wednesday showed inflation fell to 7.9% in June, but food price inflation remains high at 17.3%. The announcement came as the company reported a 21% rise in sales in three months to 1 July, compared with the same period last year. Alex Whitehouse, chief executive of Premier Foods, said the company's "Good value" ready meals had "Relevance in the current, challenging economic climate". Compared with a year ago, branded items grew over 25%, while non-branded, cheaper items grew by almost 40%, indicating that consumers were turning to cheaper food as the cost of living squeezes household budgets. Premier Foods employs more than 4,000 people across Britain, and includes brands such as Batchelors, Bisto, Lloyd Grossman sauces and Sharwood's.

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