UK's Premier Foods to hike prices to tackle inflation, posts profit beat

(Reuters) - Premier Foods, the maker of Mr Kipling cakes and OXO cubes, said on Wednesday it will raise prices of its products as part of plans to tackle rising input cost inflation, after reporting an annual profit that surpassed its forecast.

The group, which also hiked dividends by 20% after its Mr Kipling brand enjoyed its best year ever, said it was gaining market share as consumers seek good value-meal solutions amid Britain's cost-of-living crisis.

(Reporting by Yadarisa Shabong in Bengaluru; editing by Uttaresh.V)