For 14 years, McDonald’s didn’t raise the price of its famous cheeseburgers in the U.K., despite the rising cost of living. But now, amid record inflation, the chain’s customers will have to pay more for their fast-food fix.
Cheeseburgers will now cost £1.19 ($1.43), a 20% jump from its previous price of 99 pence ($1.19).
The cheeseburger price hike is just one of several recent or planned ones for McDonald’s menu items in the U.K. Among those 10p to 20p increases are McNugget share boxes, breakfast meals, and large coffees.
In a statement to customers, according to CNBC, McDonald’s U.K. and Ireland CEO, Alistair Macrow cited rising inflation, and in turn rising costs, as the company’s rationale for increasing prices on a number of items.
“Today’s pressures mean, like many, we are having to make some tough choices about our prices,” Macrow said in his statement, adding, “just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation.”
In June inflation hit another record high in the U.K. of 9.4% annually, according to the U.K.’s Office for National Statistics, up from 9.1% in May. The Bank of England in June estimated that the inflation rate will reach 11% this year before finally retreating in 2023.
Rising food and gasoline prices are the largest contributors to the U.K.’s current inflation rate, making it increasingly difficult for McDonald’s to resist raising its prices.
“We understand that any price increases are not good news, but we have delayed and minimized these changes for as long as we could,” Macrow said.
Menu price increases helped McDonald’s increase U.S. second-quarter revenue by 3.7%, according to the company. Global sales, meanwhile, rose 9.7% over the same period.