Greggs set to raise the price of sausage rolls and steak bakes by 5%

dailyrecord.co.uk:

Greggs fans could find they will be paying more for their beloved sausage rolls and steak bakes soon, as the bakery is set to hike some of its prices.The price hikes comes after an end-of-year review has found the bakery firm has been impacted by numerous factors, such as the pandemic, higher wages and cost of ingredients.It comes as the furniture giant IKEA also confirmed it has risen their prices by 50 per cent across all its stores, including Scotland, due to supply chain issues.Other food companies across the UK, such as Heinz, have also previously warned shoppers that they could see increased prices on items in stores.Roger Whiteside, who has been the Greggs boss for nine years, said they may need to increase the prices on some of their most popular product by five per cent following the review.

It found that sales for 2021 hit £1.23 billion – a 51% increase on the £811 million in 2020 when stores were hit by the pandemic.This was also a 5.3% rise on sales in 2019.

Despite the significant increase, it also found that sales were overall down by 3.3% on a two-year like-for-like basis, which doesn't include new stores.In response to the review, it is likely that prices will increase by roughly five per cent overall - which could see products ‘across the range’ rising by anything between 5p and 10p, reports The Manchester Evening News.

A spokesperson for Greggs has said that the price increases have been ‘very much a last resort’.The spokesperson told Bloomberg : “Ingredients and labour costs have been rising and Greggs is not immune from that.“The company does absorb some of the cost but has put up prices by about 5-10 pence across the range.”The spokesman added Greggs last raised its prices by a similar amount in