Greggs shares major update on sausage roll prices and fans will be delighted
GREGGS has shared a major update on the price of sausage rolls and fans will be delighted.
The bakery giant has no intention of hiking its prices before the Christmas period.
It comes as food prices have fallen on the previous month for the first time in more than two years, bringing grocery inflation down to single digits, according to the latest figures.
Food inflation decelerated to 9.9% in September, a significant drop from 11.5% in August, according to the British Retail Consortium (BRC)-NielsenIQ Shop Price Index, its lowest point since August last year.
The BRC said "fierce" competition between retailers, helped by easing cost pressures, was behind the fall.
Fresh food prices are now 9.6% higher than a year ago, down from 11.6% last month, and its lowest rate since last July.
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Mike Watkins, head of retailer and business insight at NielsenIQ, said: "With further price cuts by supermarkets in recent weeks, food inflation continues to slow, which is good news."
The price of a Greggs sausage roll currently sits at £1.20 for most areas around the UK.
Greggs last hiked prices at the start of the year, leaving food fans fuming.
It added 5p to the price in January just months after it pushed up the cost of a single pastry to £1.15 in October last year.
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But the brand is committed to keeping prices low this festive period.
It comes as Greggs revealed that its sales jumped by over a fifth in the latest quarter as it also reported cost inflation "has eased" across the business.
The high street bakery chain told shareholders that total sales increased by 20.8% for the 13 weeks to September 30, compared with the same period last year.
It said it has been supported by its value-focused offer "at a time when customers are looking to make their money go further".
The group said this came after like-for-like growth of 14.2% for the quarter across its company-managed shops, as it also benefited from its continued expansion.
Greggs said it has seen 82 net store openings so far this year, taking it to 2,410 outlets by the end of September.
But it has reduced its store opening ambitions from 150 new stores.
The chain now expects between 135 and 145 net openings for the whole of 2023.
It comes as the Newcastle-based business continues to expand its proposition in an effort to draw in more customers.
Greggs said it has invested to grow its evening operation, with sales after 4pm now accounting for 8.8% of trade.
It has also significantly grown customer activity through its app and its partnership with Uber Eats.
Roisin Currie, chief executive of Greggs, stressed that its current value position has helped to boost the chain’s performance and drive "significant" volume growth.
She said: When you think about the current pressure on disposable income, people are thinking about how to get the best value,” she told PA.
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"When someone is driving around thinking about where to pick up breakfast, we think people are coming to us because they are aware of the value on offer.
"It is £2.70 for a roll at breakfast and a hot drink, we have a similar deal at lunchtime and think these types of offers help people choose to come to Greggs when there is pressure on their finances."