Mr Kipling cakes firm says food cost inflation is ‘past its peak’ so no more price hikes this year

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Recent food cost inflation is “past its peak”, said Mr Kipling cakes firm Premier Foods, which is consequently not planning any more price hikes for its products for the rest of the year. The group – which supplies retailers with a raft of household favourites including Super Noodles, Oxo cubes and Bisto – said its trading profits for the full year were set to be at the top end of market expectations after it pushed through price rises in recent months to offset “significant” cost inflation. Consequently, Alex Whitehouse, Premier Foods 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.” open image in gallery The grocery sector has been under pressure in recent months, with food producers facing challenges such as an increase in the price of ingredients The grocery sector has been under pressure in recent months, with food producers facing challenges such as an increase in the price of ingredients. “Following a strong first quarter, and with exciting plans behind the group’s leading brands for the remainder of the year, it now sees trading profit for FY23/24 at the top end of market expectations.” This comes after the rate of the UK’s price rises fell on Wednesday from 8.7 per cent to 7.9 per cent, the latest official figures showed, offering welcome relief to families struggling with the cost of living crisis.