Pastry fans are set to be hit with more disappointment this year as popular baker Greggs has announced they will be increasing prices to cover rising costs.
The high street baker had already raised the price of their sausage rolls by 5p in January amid wider increases of around 10 per cent across their entire range.
Despite the bad news, the company has also announced it will be opening 150 new branches and extending late opening to 500 existing shops, reports The Sun.
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Greggs has said it will try to protect its reputation for being “outstanding value for money”.
“This has necessitated some price increases, which were made at the start of this year, and further changes are expected to be necessary,” Greggs said.
“As ever, we will work to mitigate the impact of this on customers, protecting Greggs’ reputation for exceptional value in the freshly-prepared food-to-go market.
“Given this dynamic, we do not currently expect material profit progression in the year ahead.”
The cost of doing business is expected to rise between 6% and 7% for the company this year due to higher staffing and ingredient costs.
The long-term goal is to have 3,000 Greggs branches in the UK, up from the current total of around 2,000, the company said in its latest financial update.
This year it has plans to extend late opening to 500 shops, offering its usual menus as well as trialling new hot food.
Delivery services will be offered at an extra 300 branches, taking the total to 1,300.
