The high street bakery chain, Greggs, has announced that it may have to increase its prices if the cost of wheat continues to climb.
Greggs has maintained good profits since the start of the economic downturn, but it is now beginning to feel the pinch as the price of wheat continues to soar.
The introduction of special meal deals aimed at those with less disposable incomes has helped the bakers chain to remain in the black for the last couple of years. However, its affordable fast food, the likes of which include sausage rolls and pasties, are expected to cost more over the coming months.
The rising cost in grain is partly down to the Russian wheat crises that is currently plaguing the country, and who have subsequently banned all exports of the crop until 31st December. Although Greggs usually purchases roughly 90% of its wheat from UK-based companies, it is expected that the ban will have a subsequent knock-on effect throughout the industry.
Despite the possible increase in its pricing, Greggs continues to expand and invest in further stores, with another 50 to 60 bakeries expected to be opened within the year.
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