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A UBS analysis reveals that KFC has surpassed McDonald's in inflating Australian menu prices, hitting customers with hikes up to 25% for popular items, despite falling costs for wheat, canola oil, and cheese. Amid a broad-based food price surge, this fast-food giant manages to maintain a relative edge over its competitor.
According to UBS, a Zinger burger combo has jumped from $8.95 to $10.95 since June last year, marking an increase of 22%. In addition, a pack of six nuggets has risen by a staggering 25% to $7.45. Interestingly, while individual items and meal combos at KFC increased in price at a faster pace than McDonald's, they were still generally cheaper than their McDonald's equivalents.
Although chicken prices reportedly peaked late last year, wheat, canola oil, and cheese prices have fallen. Despite KFC facing higher food costs, Collins Foods, which operates more than 260 KFC outlets in Australia, has claimed that it will try to increase prices in a way that does not annoy customers to boost its profitability. The significant increase in food prices is a primary driver of household financial pressures, with fast food a significant contributor to the food inflation rate of 7.9%.
Recent concerns regarding the rising cost of food amid the pandemic and subsequent cost-of-living crisis have sparked criticism, with some accusing food manufacturers and retailers of inflationary profiteering.
According to UBS, KFC products are now priced at an average 6% discount to McDonald's equivalents across a sample set of six menu products. However, one year ago, KFC products were 18% cheaper. Despite the industry's challenges, Collins Foods, which operates many Taco Bells in Australia, has been an early standout stock market performer during the pandemic, with surging demand for takeaway.
Meanwhile, KFC's South Penrith eatery serves delicious meals and makes a bold eco-friendly statement. The Form4 Architecture-designed restaurant, made out of 99% recycled materials, is a visual treat of sustainability.
Partnering with local start-up saveBOARD, KFC has utilized sustainable wall and ceiling tiles in the front of the house and opening spaces. This innovative use of materials signifies a future-forward approach that will be deployed in their new Australian outlets and retrofitted into existing stores.
Photo: Ziyang Hsiung/Unsplash
