Guinness Price Hike to Take Effect on Feb 1.
Diageo, the company behind popular drinks such as Guinness, Smithwicks, Hop House 13, and others, has announced a 12% increase in wholesale prices for its products.
The price hike will take effect on February 1, which means that pub-goers will have to pay more for their favourite pints.
According to an industry source, pubs across Ireland will add an average of 12 cents to the price of a pint, excluding VAT. This means that a pint of Guinness will cost an average of €5.20 across Ireland, although it will cost significantly more in Dublin. In some pubs in Temple Bar, a pint of Guinness cost €7.60 in March and €7.95 in October, according to publicans.
Diageo had announced in November 2022 that it would withhold price hikes due to the cost-of-living crisis for the rest of the year, but the company has now said it has absorbed cost increases “for as long as possible.”
Rival company Heineken also increased prices on all its draught kegs in December. The firm announced that its prices would rise by an estimated 17 cents to 25 cents on December 1 due to “unprecedented cost increases.”
The VFI, a representative group for publicans, has criticized the move by Diageo, calling it “further bad news for the pub trade” that is already “grappling with soaring energy costs, inflation, and the general increase in the cost of doing business.”
According to VFI Chief Paul Clancy: “Publicans are getting hammered from every angle at the moment, and this news from Diageo is a further blow to the trade. We’re heading into the quietest few months of the year for the trade, so the increase in the price of a pint couldn’t come at a worse time. Due to the unprecedented cost of doing business, publicans will have to pass on this price increase to their customers, which is something they are very unhappy about.”
The price hike by Diageo is expected to impact pubs and customers as they will have to pay more for their pints.
Unfortunately it seems that more people will have to consume their favourite pint at home..
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