McDonald’s hikes price of cheeseburger for first time in 14 years
McDonald’s is hiking the price of its cheeseburger for the first time in 14 years.
The fast food giant confirmed on Wednesday (27 July that its “menu items most impacted by inflation” will increase between 10p and 20p, as it passes the effect of soaring costs to customers.
How much will menu items cost?
McDonald’s said some of its menu items will go up between 10p and 20p, but stressed not all products will be affected and others will vary across the UK as some prices can be altered by franchisees.
The company told UK customers that it is lifting the price of a cheeseburger from 99p to £1.19, in the latest sign of mounting pressure on consumers.
Other items set to go up in price include:
- Breakfast meal
- Main meal
- McNugget share box
- Large coffee
Some McDonald’s items will not go up in price at all, including salads, wraps and the mayo chicken burger.
McDonald’s UK & Ireland chief executive officer Alistair Macrow said the increases are needed to help the business cope “through incredibly challenging times”.
In an email to customers, he said: “We’re living through incredibly challenging times and we’re all seeing the cost of everyday items, such as food and energy, increase in a way many of us have never experienced.
“Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation.”
“Since we opened in the UK in 1974, we’ve committed to offering great tasting food at affordable prices, and that commitment will not change.
“But today’s pressures mean, like many, we’re having to make some tough choices about our prices.”
McDonald’s said it understands that increases “are not good news” and told diners is has “delayed and minimised these changes for as long as we could”.
It is the latest hospitality business to warn over rampant cost increases, a week after the ONS reported that inflation hit a 40-year-high of 9.4% last month. Economists have predicted it will rise to 11% before the end of the year.