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The cheeseburger is the latest victim of inflation in the UK: McDonald's popular sandwich saw its price rise for the first time in 14 years in the country on Wednesday and rise above the symbolic bar of 1 pound (almost 1.55 CAD).
“We are living in incredibly difficult times” and “just like you, our company, our franchisees (…) and our suppliers are all feeling the impact of rising inflation”, justified Alistair Macrow, general manager of McDonald's at United Kingdom and Ireland, in a statement sent to its customers.
“We have delayed and minimized these adjustments as much as possible” but “today's pressures mean that, like many, we have to make difficult decisions about our prices,” he added.
The cheeseburger thus goes from Wednesday from 99 pence to 1.19 pounds (1.40 euros), an increase of more than 20%, and restaurants will add this summer between 10 and 20 pence to a whole series of the most affected by inflation, says the subsidiary of McDonald's in the United Kingdom.
British inflation could exceed 11% by the end of the year, boosted by the Russian invasion of Ukraine, the soaring gas prices it caused, and a very tight labor market.
The McDonald's group had already reported price increases on its menus in the United States the day before, its most large market, which had contributed in the second quarter to a 3.7% increase in its “comparable store sales”, the benchmark in distribution.
Despite the price increases, the Fast-food chain said on Tuesday it would continue to attract customers, but its profits were dented by rising costs and the closure of its stores in Russia and Ukra ine, with net profit down 46% to $1.2 billion.