Premier Foods has hit pause on price rises for the rest of the year, with the manufacturer of kitchen cupboard staples from Mr Kipling cakes to Bisto gravy declaring inflation “past its peak”.
In a statement that will be considered exceedingly welcome both by shoppers and the Bank of England, Alex Whitehouse, the chief executive, said: “We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023.”
The group, which has pushed through price rises on its products in recent months to offset “significant” increases in the cost of energy, logistics and labour, nevertheless expects trading profits for the full year at the top end of market expectations.
Premier
Enjoy unlimited digital access. £1 for 6 months.