Hard-pressed families hit as greedy food companies hiked prices far above inflation
HARD-pressed families will be putting greedy food companies on the naughty list this year — for hiking prices far above inflation.
Cost increases for grub have hit the highest level in over 45 years, touching 19.2 per cent in March, as farmers, manufacturers and retailers passed on extra expenses to shoppers.
This meant even affording the basics has become more of a struggle for many consumers.
Food inflation has dropped back to 9.2 per cent, but manufacturers are still hiking prices.
And big food companies were recently accused of ripping off shoppers to fatten their own profits by the toothless competition watchdog.
Exclusive analysis for The Sun by consumer champions Which? found one of the worst offenders was Premier Foods, whose profits have jumped by a fifth.
The firm makes Mr Kipling cakes, Ambrosia custard and Bisto gravy, which have seen huge price rises.
A pack of six Mr Kipling chocolate slices jumped 129 per cent from £1.16 to £2.66, while Bakewell slices went up by 98 per cent from £1.38 to £2.75.
Bisto granules were £2.65 for 454g, but a 51 per cent rise put them at £4.
A tin of Ambrosia custard jumped 40 per cent to £1.90.
Juice giant Tropicana has also whacked a 65 per cent increase on its juices.
And Yeo Valley yoghurts rose 70 per cent.
Stocks cheer
LONDON’S blue-chip index closed up 1 per cent on 2022.
The best-performers of 2023 were Rolls-Royce, up 223 per cent with boss Tufan Erginbilgic.
And Marks & Spencer closed up 114 per cent.
Insurer Prudential was down 41 per cent while Cab Payments had 75 per cent wiped off.
Jobs axe woe
CAR dealership Lookers cast itself as the Grinch yesterday by saying 945 jobs could go in the new year.
The firm plans to axe 14.5 per cent of its workforce following its £504million takeover by Canada’s Alpha Auto Group.
It plans “restructuring which will require a redundancy programme”.