McDonald’s is hiking the price of its cheeseburger for the first time in 14 years as the fast-food giant passes the effect of soaring costs onto customers.
The company told UK customers on Wednesday morning that it is lifting the price of a cheeseburger from 99p to £1.19, in the latest sign of mounting pressure on consumers.
McDonald’s said that it is increasing the price of “menu items impacted most by inflation” by between 10p and 20p.
However, it stressed some products will be unaffected and others will vary across the UK as some prices can be altered by franchisees.
McDonald’s UK & Ireland chief executive officer Alistair Macrow said the increases are needed to help the business cope “through incredibly challenging times”.
“Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation,” he said in an email to customers.
“At times like this, we know that providing great value is important.
“Since we opened in the UK in 1974, we have committed to offering great tasting food at affordable prices, and that commitment will not change.
“But, today’s pressures mean, like many, we are 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.