In response to increasing inflation, McDonald's will boost the price of its cheeseburger by 20 percent in the United Kingdom, marking the first price increase for the popular item in 14 years.

The price of the cheeseburger will increase to £1.19 from 99 pence.

According to the burger chain's UK chief, McDonald's will also boost prices by 10p to 20p for other items affected by growing costs.

McDonald's UK & Ireland's chief executive officer, Alistair Macrow, remarked, "We're living through incredibly challenging times,"

Our firm, our franchisees that own and run our restaurants, and our suppliers are all experiencing the effects of rising inflation, just as you are.

The increase, which would push the price of a cheeseburger beyond the psychologically significant threshold of 1 pound, comes as British consumer price inflation lingers near 40-year highs and is expected to surpass 11 percent in October.

Mr. Macrow stated that the price hikes had been postponed as long as possible and that the company remained dedicated to maintaining affordable rates.

The Chicago-based business, which has more than 36,000 restaurants in more than 100 countries, increased prices in the United States by 6 percent in line with other consumer-focused corporations suffering more significant inflation due to post-pandemic demand and supply chain disruption.

The British Retail Consortium reported on Wednesday that stores and supermarkets hiked their prices by 4.4% in the year leading up to July, the highest increase since records began in 2005.

On Tuesday, McDonald's Corp announced a higher-than-anticipated profit, aided partly by higher prices, despite rising expenses.

As increased inflation, particularly in Europe, compels some consumers to purchase fewer large combo meals, the company said it was also exploring adding more discounted menu items.