Shocked by a general surge in inflation, McDonald’s said on Wednesday it would raise the UK price of its cheeseburger – which has been priced at a low 99 pence ($1.19) for 14 years.
The 20 per cent hike to £1.19 sees the US fast food giant join a string of companies passing higher wholesale prices on to British consumers, fueling the country’s worst cost-of-living crisis in generations.
McDonald’s said it would raise the price of menu items “most affected by inflation” by 10p to 20p.
The chain is grappling with “incredibly challenging times,” UK chief executive officer Alistair Macrow said in a statement.
“Since we opened in the UK in 1974 we have been committed to providing great tasting food at affordable prices and that commitment will not change,” he said.
“But today’s pressures mean we, like many others, have to make some tough decisions about our pricing.”
Last month, UK inflation hit a 40-year high of 9.4 percent and is expected to rise in double digits, with energy prices continuing to spike due to the Russian war in Ukraine.
On Tuesday, McDonald’s reported lower quarterly earnings following its exit from Russia and warned about the impact of rising inflation on consumer sentiment, particularly in Europe.
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