High street baker Greggs overcame record prices of wheat and other ingredients with a 5.6 per cent growth in sales growth over Christmas.
Wheat prices doubled in 12 months, while coffee and milk rose by 20 per cent.
These rises forced the Newcastle group, which operates Greggs and Bakers Oven stores, to raise some prices by 4.5 per last year.
Despite this, director Sir Michael Darrington said trade was "satisfactory" despite the pressures.
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