Hovis bread prices will remain unchanged for the rest of the year, following an increase by almost a third as a result of the war in Ukraine and ensuing material and energy price hikes. Jon Jenkins, Hovis CEO, told the PA news agency that Hovis prices were now “relatively stable” thanks to easing costs for the group.

Jenkins told the news outlet that Hovis was not expecting a “repeat of what we saw in 2022”, although wage costs remain a pressure.

In FY 2023 ending on September 30, 2023, Hovis reported pre-tax losses of GBP 3.6 m. By comparison, in the 38 weeks ending on September 24, 2022, the bread maker reported GBP 28.6 m pre-tax losses, Yahoo News reports.

 “This financial progress was delivered by new pricing as the exceptional commodity inflation triggered by war in Ukraine was passed through to its customers. Operating improvements and cost savings were also made to drive a step up in overall efficiency and customer service, critical components of running a national bakery business,” Hovis stated.

Photo: Hovis social media