Nipping out for a lunchtime sandwich, drink and a packet of crisps is a tradition almost as old as the office itself. Not getting much change back from a tenner, though, is a new experience.
Nonetheless, it is one that customers of Pret a Manger are having to get used to after the chain raised its prices on some items by up to five times more than the increase in the average takeaway sandwich price over the past year.
The cost of an egg and mayonnaise sandwich at Pret has risen 72 per cent to £3.25 since August 2020 while a can of Coke Zero has jumped by 54 per cent to £1.70, according to prices supplied by the company. Pret’s most popular sandwich, its tuna and cucumber baguette, has shot up by 42 per cent to £4.25 and its ham and grevé baguette is up 38 per cent to £4.75.
The Bank of England says inflation generally has increased by 20 per cent over the same period while the cost of Tesco’s lunchtime meal deal has risen by only 11 per cent, or 40p.
Analysis of Pret’s present and historic delivery menus shows that some of the biggest price rises have been over the past year.
Last April the chain’s “posh cheddar and pickle” baguette cost £4.35 online but is now £5.99, an increase of 38 per cent. Its chicken caesar baguette has increased by even more, rising by 46 per cent from £4.65 to £6.80.
By comparison, the Office for National Statistics reports that the average price of cold takeaway sandwiches has increased by 8 per cent over the past year, from £2.53 to £2.74. Lumina Intelligence’s Menu Tracker shows that average prices in coffee and sandwich shops have increased by 6 per cent over the same period.
Pret’s prices are even higher at railway stations and airports. The cheese and pickle baguette now costs £7.15 at travel hubs, including VAT.
Analysts believe that Pret is choosing profit margins over volume. The company’s accounts, published in July, showed that gross profits had jumped by 83 per cent to £279 million last year.
The Pret Index, which measures transaction volumes at different locations, shows that customer numbers dropped 8 per cent at London stations as prices rose. Transaction volumes at most other venues have increased marginally over the past year.
Pret said the price rises were due to higher energy costs — up by 300 per cent this year — wages and raw material costs. It said subscribers who paid £30 a month received a 20 per cent discount and free drinks. “We continue to offer great value for high-quality, freshly made food and organic coffees, alongside a dedicated value range of sandwiches, Made Simple, which are priced from £2.99,” it said.
“Prices of our products are typically higher at train stations or transport hubs, due to higher operational costs, and like all food-to-go retailers, dine-in prices are subject to 20 per cent VAT. Delivery, a very small part of Pret’s sales, also has a higher premium due to associated fees with our delivery platforms.”
