Living costs stir rise in home cooking, says Bisto maker

THE cost of living crisis has driven a boom in home cooking, according to the owner of Mr Kipling and Loyd Grossman cooking sauces.

Premier Foods said yesterday its sales would be 10pc higher than expected since the start of the year, as shoppers swapped takeaways and restaurant visits for meals at home.

“Our products have always played a key role for families and consumers when times are tough and the economy is uncertain,” Alex Whitehouse, its chief executive, told analysts last month.

“A lot of our products are also what we would term ‘meal makers’ that help you bring ingredients together to create something tasty that actually isn’t very expensive.”

Premier Foods is one of the UK’S largest food companies and employs more than 4,000 people at 15 sites across the UK. It also makes Bisto, Angel Delight, Sharwood’s and Oxo, and sells a branded Cadbury cake range.

Mr Whitehouse added: “People are already eating out less and ordering fewer takeaways. Many people are finding that the best restaurant in town is at home, where you can make nutritious and tasty meals more affordably.”

Premier Foods’ shares rose by as much as 12.4pc yesterday as the company upgraded its forecast. However, shoppers have still been paying more for Premier’s goods in supermarkets.

Recent research by trade magazine The Grocer using Assosia data last month found the price of at least 200 of Premier’s product lines rose in the supermarkets over the two weeks to Feb 14. Indian cooking brand Sharwood’s was found to have undergone increases in 30pc of its range from January to February. Some Loyd Grossman products were found to have become as much as 59pc more expensive.

A Premier spokesman told The Grocer this was down to “significant increases in the cost of raw materials, energy, packaging and labour”.

The company has also been affected by supply problems over the last year.

Sales of its Cadbury Cakes were hampered by manufacturing issues in late 2022. In September, many Batchelors noodle and pasta products were hit by shortages.