McDonald’s is increasing price of cheeseburgers for first time in 14 years

McDonald's has announced prices are set to increase for the first time in 14 years.

The fast food giant is hiking the price of its cheeseburger as the chain passes the effect of soaring costs onto customers.

It told Brits on Wednesday morning that the food will rise from 99p to £1.19 in the latest sign of mounting pressure on consumers.

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McDonald's said it is increasing the price of "menu items impacted most by inflation" by between 10p and 20p.

But some products won't be touched and others will vary across the UK as some prices won't be altered by franchises.

McDonald's UK & Ireland chief executive officer Alistair Macrow said the increases are needed to help the business cope.

In an email to customers, he said: "Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation.

"At times like this, we know that providing great value is important.

"Since we opened in the UK in 1974, we have committed to offering great tasting food at affordable prices, and that commitment will not change. But, today's pressures mean, like many, we are having to make some tough choices about our prices."

The fast food chain said it understands that increases "are not good news" and told diners this has been delayed as much as possible.

It is the latest hospitality business to warn over cost increases, a week after the ONS reported a 40-year high in inflation.

Economists predicted it will rise to 11% before the end of the year.

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