McDonald’s is set to hike the price of its cheeseburger for the first time in 14 years.
The fast-food giant has been selling the popular menu item to UK customers for 99p over the past decade.
But the company has revealed it will be raising the price to £1.19 from Wednesday as the cost-of-living crisis continues to bite.
McDonald’s said other “menu items impacted most by inflation” would also see a price hike of between 10p and 20p.
However, it stressed some products will be unaffected and others will vary across the UK as some prices can be altered by franchisees.
It said in a statement: “Some prices remain unaffected and some will continue to vary across our restaurants.
“We understand that any price increases are not good news, but we have delayed and minimised these changes for as long as we could.”
McDonald’s UK & Ireland chief executive officer Alistair Macrow said the increases are needed to help the business cope “through incredibly challenging times”.
“Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation,” he said in an email to customers.
“At times like this, we know that providing great value is important.
“Since we opened in the UK in 1974, we have committed to offering great tasting food at affordable prices, and that commitment will not change.
“But, today’s pressures mean, like many, we are having to make some tough choices about our prices.”
It is the latest hospitality business to warn over rampant cost increases, a week after the ONS reported that inflation hit a 40-year-high of 9.4 per cent last month.
Economists have predicted it will rise to 11 per cent before the end of the year.