Premier Foods has revealed that it will not be raising prices for the rest of the year, as cost inflation has passed its peak.
The maker of Mr Kipling cakes and Oxo stock cubes this week reported that group sales for the first quarter were up 21% compared with the previous year, with branded sales up 17.5%.
The British food manufacturer has also seen continued category progress, as sales of Ambrosia Porridge pots and Cape Herb & Spice more than double.
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Chief executive of Premier Foods, Alex Whitehouse said: “Our sales performance was broad based, supported by ongoing brand investment, new product development such as Mr Kipling Brownie Bites and strong instore activation.
“Our portfolio, which helps consumers make good value and nutritious, tasty meals at home, continues to demonstrate a high level of relevance in the current, challenging economic climate.”
“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.”
Figures released by Kantar this week showed that grocery price inflation currently stands at 14.9%, down from 16.5% last month.
Premier Foods said that it now expects full-year profit to be at the top end of expectations.
