The price of a pint has hit £8 for the first time in London – an increase of more than 70 per cent since the financial crash in 2008.
The average price of a pint in 2008 was £2.30, but that has now risen to £3.95 this year on the back of soaring ingredient costs, reports the Daily Mail.
Hospitality industry consultancy CGA found the highest price was £8.06 in London, while the cheapest cost £1.79 in Lancashire.
It did not name the venues, but this is the first time that CGA, which analyses prices from random samples of the UK’s 90,000 bars and pubs, has seen the price of a pint pass £8.
The industry fears that customers will stop going to pubs if the price of a drink rises too high.
Brewers and landlords are expecting a boost from the Queen’s Platinum Jubilee, with the British Beer and Pub Association estimating more than 90 million pints will be sold over the long weekend.
Russia’s invasion of Ukraine, which is a global supplier of wheat, has caused the cost of grain to rise, forcing pubs to threaten further price rises.
Barley, one of the main ingredients of beer, has been badly affected. Analysts at the research firm Bernstein said this was a "big negative" for brewers, estimating that "a realistic worst case would see malting barley inflation of 70 per cent" this year.
Speaking to the Financial Times, Fernando Tennenbaum, chief financial officer at the world’s largest brewer, Anheuser-Busch InBev, which makes Corona, warned that although inflation had risen significantly, beer prices were still lagging behind, "and there is strong demand".
The brewer Marston’s said it had increased its prices by 8 per cent in March, while Greene King has put up the cost of beer by 5p a pint.
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