Saturday 26 November 2016

Cake Prices May Increase Following Brexit


Cake lovers expected to buy their cakes with an increasing prices following Brexit events.

Shoppers could see the price of cakes rising, the boss of Finsbury Food Group told Evening Standard on Wednesday as he outlined the baker’s plans to cope with Brexit pains.

The maker of Frozen, Paw Patrol and Ghostbusters cakes, said the cost of buying ingredients, which are globally priced in dollars or euros, have “increased substantially following sterling’s weakness”.

The supermarket supplier’s boss John Duffy said: “We will be looking to charge people more on a like-for-like basis. This is in response to commodity cycles turning, with the price of ingredients like chocolate and sugar up.

“There does come a point when inflation pressures are simply too big and you have to pass some of that cost to consumers.”

However, the firm is trying to soak up the cost rises with fewer discounts. Sales reached £101.5 million in the first four months of the financial year, broadly flat on last year.

The shares fell 4.4p, or 3.53%, to 120.1p.



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