McDonald’s customers in the United Kingdom and Ireland will have to pay a little extra for cheeseburgers for the first time in over a decade, and the chain’s CEO is not lovin’ it.
The iconic fast-food chain raised the price of a single cheeseburger from 99 pence ($1.19) to £1.19 on Wednesday, a 20% price increase and the first increase for the McDonald’s cheeseburger in Britain since the wake of the 2008 global financial crisis.
Other items on the menu have also increased by up to 20 pence, including McNugget share boxes, breakfast meals, and upgrades from medium to large meals, according to CNBC.
“Today’s pressures mean, like many, we are having to make some tough choices about our prices,” said Alistair Macrow, McDonald’s U.K. and Ireland CEO. “Just like you, our company, our franchisees who own and operate our restaurants, and our suppliers are all feeling the impact of rising inflation.”
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The price increase comes after inflation in the U.K. hit a peak of 9.4% in June, the highest level in the country in 40 years. McDonald’s in the U.K. had delayed the price hikes for as long as possible, but it is no longer able to absorb rising costs within the business, Macrow said.
Earlier this month, some McDonald’s franchisees in the United States stopped selling soda drinks for $1, ending participation in the chain’s iconic dollar drinks promotion. Out of 56 U.S. McDonald’s markets, 16 restaurant corporations voted to advertise the company’s value menu instead of dollar drinks, according to the Wall Street Journal.
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McDonald’s experienced an increase in sales by 9.7% in its second quarter ending on June 30, the restaurant chain announced Tuesday.
