Food giant hikes price of family favourite by up to 76 per cent

THE food giant that makes Bisto gravy has hit shoppers with price hikes of up to 76 per cent to protect its profits.

Premier Foods is also home to the Mr Kipling, Sharwood’s and Ambrosia brands.

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The food giant that makes Bisto gravy has hit shoppers with price hikes of up to 76 per cent to protect its profits[/caption]

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Premier Foods is also home to the Mr Kipling, Sharwood’s and Ambrosia brands[/caption]

Yesterday, it reported a ten per cent increase in profits to £112.4million.

It said it maintained trading margins of 15.7 per cent, despite a wave of extra costs, by raising prices.

Analysis by The Grocer and Associa for The Sun found Premier Foods hiked a 230g tub of Bisto Best chicken gravy 50 per cent from £2.50 to £3.75.

Cans of Ambrosia rice pudding went up 76 per cent from 99p to £1.74.

Mr Kipling Angel Slices rose 57 per cent to £3.59 and Sharwood’s Butter Chicken sauce is up 68 per cent to £2.69.

Central bankers claim some firms are taking advantage of high inflation to push prices higher than needed and are not passing on benefits when wholesale prices fall.

But Premier Foods’ chief executive Alex Whitehouse insisted it had not passed on all of the inflationary costs it had encountered.

He said supermarkets set their own pricing and added: “Our approach is to put customers first.”