British Businesses to Deploy Historic High Price Hikes

1/6/2022- 9:16 a.m.

British Businesses to Deploy Historic High Price Hikes

British businesses are preparing for the most widespread assault on prices ever recorded, with the British Chamber of Commerce (BCC) expecting 3 in 5 firms to raise prices.

Retail, manufacturing and construction industries indicated the highest proportion of planned price hikes according to BCC data as the Office of National Statistics (ONS) cited a 14% rise in the cost of materials last year.

ONS estimates claim manufacturers are paying 80% more to secure crude oil compared to last year, with raw material costs, inflation and higher borrowing costs top of businesses’ concerns.