UK food group Premier Foods, facing continued increases in commodity costs, is looking for price hikes from its retail customers.
The Hovis bread to Quorn meat-free maker told just-food today (21 August) that rising raw material prices are still putting pressure on its business and the company would look for price increases during the latter half of the year.
“Input price inflation was in the high teens last year across our categories. While it has fallen to mid-single digits, it is still a factor in some of our categories,” the company said.
“We expect to recover further inflation in the second half of the year.”
Premier declined to comment on which brands it was looking for price increases.
The owner of Mr Kipling and Bisto saw trading profits rise 5.6% to GBP123.6m (US$203.8m) for the six months to 27 June.
Turnover climbed 3.5% to GBP1.25bn, helped by a 17% increase in sales of Hovis.