McDonald's Raises Price of One Menu Item for First Time in 14 Years

That burger craving is about to cost you a little extra, at least if you're planning to place an order at the Golden Arches. For the first time in 14 years, McDonald's has raised the price of its famous cheeseburger, marking just the latest example of widespread menu price hikes in the fast food industry.

Although fans could previously score a McDonald's cheeseburger for just 99 pence (or $1.19), those days appear to be gone. The burger – which features a 100% beef patty that is topped with cheese, onions, pickles, mustard and a dollop of tomato ketchup – will now set customers back £1.19 (or about $1.44). The approximately 20% price increase marks the first time McDonald's UK has hiked the price of its cheeseburger in 14 years. The price hike, which only takes affect at McDonald's UK locations, was confirmed by the chain on Wednesday, with the company citing "the impact of rising inflation," according to Bloomberg. The company said that while it is "committed to offering great tasting food at affordable prices," something that will not change, "today's pressures mean, like many, we are having to make some tough choices about our prices." McDonald's said it "delayed and minimised these changes for as long as we could."

Unfortunately, customers in the U.K. should be bracing for more price hikes in the future. Chief executive of McDonald's UK and Ireland, Alistair Macrow, confirmed that more price hikes are on the horizon and could impact everything from breakfast meals to coffees, and even McNugget share boxes McFlurrys.

"This summer our restaurants will be adding between 10 and 20p to a number of menu items impacted most by inflation. From today we'll be increasing the price of our cheeseburger for the first time in over 14 years, taking it from 99p to £1.19," he said, according to The Guardian. "We understand that any price increases are not good news, but we have delayed and minimised these changes for as long as we could."

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McDonald's customers in the U.S. shouldn't breathe a sigh of relief, as the price hikes aren't exclusive to the U.K. Although it doesn't appear that the price of a cheeseburger has skyrocketed just yet, it was confirmed earlier this month that the chain gave franchisees the go ahead to ditch the fan-favorite $1 drink option from menus. The decision was made due to record-breaking U.S. inflation.