McDonald's beefs up UK price for 99p cheeseburger / Photo: JUSTIN SULLIVAN - GETTY IMAGES NORTH AMERICA/AFP/File
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McDonald's beefs up UK price for 99p cheeseburger
Stung by an across-the-board surge in inflation, McDonald's said Wednesday it was raising the UK price of its cheeseburger -- set at a lowly 99 pence ($1.19) for 14 years.
The 20-percent hike, to £1.19, sees the US fast-food giant join a raft of companies passing on higher wholesale prices to British consumers, fuelling the country's worst cost-of-living crisis in generations.
McDonald's said it was increasing the price of menu items "impacted most by inflation" by between 10p and 20p.
The chain is contending with "incredibly challenging times", UK and chief executive officer Alistair Macrow said in a statement.
"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," he said.
"But today's pressures mean, like many, we are having to make some tough choices about our prices."
Last month, UK inflation hit a 40-year high of 9.4 percent and is forecast to rise into double digits, with energy prices set to rocket further on the back of Russia's war in Ukraine.
On Tuesday, McDonald's reported lower quarterly profits following its exit from Russia, and warned of the impact of rising inflation on consumer sentiment in Europe especially.
X.Wong--CPN