Monday 16 May 2022 11:31 AM Greggs boss warns prices may rise by up to 10% amid Ukraine war and India ... trends now

The chief executive of Greggs warned today that some of the firm's prices may 'move up 10 per cent' amid rising costs brought on by the war in Ukraine and India's ban on wheat exports. 

Roger Whiteside was speaking after the bakery firm warned of increasing costs in an update to shareholders. 

Russia's invasion of Ukraine has pushed up global wheat prices in recent months, with costs jumping further following news in recent days of India's export ban, which was imposed after a heatwave hit the country's crops.

The benchmark wheat index rose by as much as 5.9 per cent after the announcement, reaching a level not seen since March. 

Ukraine is one of the world's top producers of wheat, maize, barley and various cooking oils - the building blocks of many supermarket staples - and many farmers have abandoned their fields to fight the Russian invaders.

Speaking following his firm's trading update, Mr Whiteside said his firm is 'no different' to others in needing to potentially raise prices amid rising costs, but that Greggs would 'always' be the best value. 

The boss said the cost of Greggs' products would depend on 'price elasticity' - how much demand is affected by cost.

'Some prices might move up 10 per cent, other prices won't move up at all,' he told the Evening Standard. 

His comments came after analysts warned that Greggs' savoury and breakfast products, which include its popular sausage rolls, are the most likely to rise in price.

Whilst Greggs has not yet announced any new increases, it did hike prices for some goods by between 5p and 10p at the start of the year.

Greggs said in its trading update that costs had been increasing across the market.

It also said customers will be feeling the squeeze from the rising cost of living, something that

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