Cost of living hits McDonald's
The ongoing cost of living crisis in the UK has plunged millions into financial obscurity. For some however, the most recent development will hit hardest; McDonald’s are putting up the prices of their cheeseburgers.
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| Credit - inkl.com |
The global fast-food chain sent out a statement with the harrowing news that, for the first time in 14 years, the price of the famous 99p cheeseburger will increase to £1.19 – a 20% increase. Their CEO has stated that, despite the restaurant’s commitment to providing food for good value, nothing can escape the increasing pressures on price that the world is facing. It is worth noting that not all prices are changing, and the increases vary from restaurant to restaurant – only the items most affected by inflation will see change.
This comes after multiple companies have increased prices
over the past few months. Unilever, the company who own brands such as Marmite
and Ben and Jerry’s, announced price hikes of up to 11.2% while Nestle also warn
of increases of the price of Kit Kat’s by 6.2%.
However, is there a small nugget of positivity to take from
this? Perhaps, taking a step back, there is. It has been well documented that
the UK is tackling and obesity problem, which many people have put down to the
cheapness of ‘junk food’ compared to healthier foods. If sustained, these price
hikes on fast food could turn some people away from regularly consuming them.
Any reduction in such fatty foods would be a start in a better lifestyle.
Whilst not an eye-popping a increase in price, these recent developments are a reminder that no company or industry is immune from the price problems seen by many in the last months. At a time where people are struggling to financially cope, this is not news that will sit well with the public considering the cultural importance of fast food to the UK. That being said, there may be a small light at the end of the tunnel for increasing food prices, as Russia have agreed to allow Ukraine to resume grain exports, which will spark a decrease in food prices globally.