Premier Foods has no plans to increase prices for the rest of 2023

The maker of household food brands Oxo, Bisto, Mr Kipling, Ambrosia and Angel Delight said it has no plans to increase prices this year.

Premier Foods made the announcement despite latest official figures showing food inflation stood at 17.3% in June.

Overall, inflation has passed its peak, the company chief executive 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,” Alex Whitehouse said.

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The comments formed part of Premier Food’s first quarter trading update which said revenue from Mr Kipling products increased by 3.6% from activity commemorating the King’s coronation benefitting and new product launches.

It expects profit for the full year to be in the region of £162m to £165.4m, despite the official rate of inflation being 7.9%.

As shoppers turned to supermarket own brand goods, Premier Foods saw a 38.3% increase in non-branded sales, compared to the year before.

The increase was even higher in the sweet treats category. In that range non-branded sales were up 86.2%.

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The company also said it has “strong plans behind our leading brands” for the rest of the year.

Overall sales in the group rose 21% in the 13 week quarter up to 1 July, up from the same time frame a year ago.

Premier Foods is one of the UK’s biggest food makers, also producing Bird’s Custard, Sharwood’s and Batchelors products.

Sales of the popular brands owned by Premier Foods were also up 17.5% than a year ago.

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