Guinness owner Diageo is hiking the price of a pint by more than 12c from next month.

The company, which also produces Harp and Smithwick’s, said it is “facing significant inflation in input costs” across its operations.

It said it has written to it pubs and restaurants across Ireland warning them that it will be increasing its prices by 12c per pint before VAT.

“Like many businesses in Ireland, we are facing significant inflation in input costs across our operations,” it said.

“We have absorbed these costs for as long as possible but unfortunately, we can no longer continue to do so.”

24/12/2020 Covid-19 Pandemic (Coronavirus), Ireland. Day 274 since start of lockdown. Day 1 of phased return to Level 5 restrictions. Pictured are empty pints of Guinness as pubs close at the 3pm deadline in Dublin City Center this afternoon on the eve before Christmas Day 2020. Photo: Sam Boal/Rollingews.ie

This afternoon, the Vintner's Federation of Ireland told Newstalk the increase couldn’t come at a worse time.

VFI chief Paul Clancy said publicans are urging Diageo to rethink the move.

“Publicans are getting hammered from every angle at the moment and this news from Diageo is a further blow to the trade,” he said.

“We’re just coming into the quietist months of the year for the trade so the increase in the price of a pint couldn’t come at a worse time.

“The VFI and our members, we are calling on Diageo to reconsider its decision in light of the pressures on the pub trade.”

Diageo said the price increase will be applied across its draught beer range and will take effect from February 1st.