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McDonald’s has raised the price of its cheeseburger for the first time in more than 14 years, due to mounting cost pressure.
The fast food chain said its UK restaurants would add between 10 and 20 pence to a number of items.
The price of a cheeseburger has fallen from 99p to £1.19.
Businesses are facing increased costs for things like fuel, wages and ingredients, with prices rising at their fastest rate in 40 years.
In an email to customers, McDonald’s UK and Ireland managing director Alistair Macrow said the company faced “tough choices” over its pricing.
“We understand that not every price increase is good news, but we delayed and minimized these changes for as long as we could,” he said, adding that some prices were unaffected.
Some prices will continue to vary from restaurant to restaurant, as some are operated by franchisees, who may set prices based on McDonald’s recommendations.
Other items rising in price include breakfasts, large coffees, McNugget sharing boxes and medium-to-large meal upgrades, the company said.
If the price of a McDonald’s cheeseburger had risen in line with inflation, it would now cost £1.42.
Where in the world does a Big Mac cost the most?
The Economist has been tracking the cost of a Big Mac around the world since 1986. According to its July figures, Britain is the 14th most expensive country to buy a Big Mac out of the 54 countries tracked, priced at £3.69 £ ($4.44)
Here are the five most expensive countries for a Big Mac in dollars:
1. Switzerland – $6.71
2. Norway – $6.26
3. Uruguay – $6.08
4. Sweden – $5.59
5. Canada – $5.25
McDonald’s has more than 36,000 restaurants in more than 100 countries.
On Tuesday, he said he was considering adding more discounted menu options as the rising cost of living, particularly in Europe, led some low-income customers to buy cheaper items and fewer large combo meals.
This came as the company announced a 9.7% increase in global sales for the three months to the end of June, compared to the same period last year.
The war in Ukraine has pushed up the cost of fuel and food, with UK inflation – the rate at which prices are rising – hitting 9.4% in June, the highest level in more than 40 year.
Some companies also need to raise wages to attract and retain staff, with vacancies reaching record highs. However, salary increases do not follow the increase in the cost of living.
Businesses around the world are facing cost pressures, with other countries also being hit by high inflation.
On Tuesday, beverage giant Coca-Cola told Bloomberg that its global prices had risen by an average of around 5%
It came after Amazon also announced it was raising prices for customers due to higher costs., with the price of its Prime subscription service rising by £1 a month from September.
KitKat maker Nestlé, Marmite maker Unilever and bakery chain Greggs are among those who have already hiked prices this year.
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