Wow, 2023 has been a real ride for those of us who, y’know, like to buy groceries and eat dinner without worrying too much about money. Meaning, most of us. Everything costs too much, everything has been hiking in prices, I mean even baby formula has been kept in cases – like, WHAT?!
Genuinely, it’s terrible and the phrase ‘cost of living crisis’, despite being as dark as it is, doesn’t seem to fully convey just how miserable this all is. Cost. Of. Living.
However, there seems to be finally a small light at the end of this tunnel as we may have hit the peak of food pricing and it’s looking like things are maybe going to stay still for a while. Finally.
Premier Foods halting price hikes for the rest of the year
So, food group Premier Foods which is home to Mr Kipling cakes, Super Noodles, Oxo Cubes and Bisto has said that they have no plans to increase prices for the rest of 2023.
Speaking in their latest announcement, Alex Whitehouse, CEO of Premier Foods said, ’We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023.
“With this positive momentum, and strong plans behind our leading brands for the remainder of the year, we now expect FY23/24 Trading profit to be at the top end of market expectations.”
This is following the news that inflation has fallen – only a little, but it’s fallen for the first time in a while
So, hopefully, this is the end of prices rising but as Martin Lewis said, ‘inflation dropping doesn’t mean prices are!’.
Basically, it doesn’t look like food prices are going to come down anytime soon but the small piece of good news is that if this trend continues, they won’t go up any further, either.