AB Foods has not raised grocery prices since April -finance chief
Reuters
Published Jun 26, 2023 09:11
LONDON (Reuters) - Associated British Foods (LON:ABF) has not pushed through further grocery price increases for its retail customers since it last reported in April, its finance chief said on Monday.
Any signs that food inflation is moderating are being closely watched by consumers, who have been squeezed by rising prices over the last 12 months, and by governments across Europe.
Third quarter to May 27 sales in AB Foods grocery business, which includes Twinings tea, Jordans cereals and Ovaltine drinks, rose 13% to 1.06 billion pounds ($1.35 billion), driven by price increases implemented earlier in the year to offset input cost rises.
Finance director Eoin Tonge said no new "pricing actions" had been implemented by AB Foods since April.
"There's probably very little new pricing going in through the system in grocery retail in the UK," he said.
He said the few exceptions included items like sugar.
($1 = 0.7850 pounds)
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Written By: Reuters
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