Exceedingly good news? Mr Kipling owner says UK food inflation has peaked

Premier foods owns household name brands in the UK such as Oxo, Bisto, McDougalls, Sharwood’s, Batchelors and Mr Kipling cakes. Photograph: Phil Noble/Reuters

The maker of Mr Kipling cakes, Oxo cubes and Bisto gravy granules has said it believes recent food cost inflation has peaked, and it is not planning any more price rises for its food products for the rest of the year.

The news came as owner Premier Foods reported a 21% increase in sales in the first quarter of the financial year, compared with a year earlier.