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Retailers ready to hike prices by 5%

Retailers are to increase prices by 5% next year, as the pound hit a new low in the wake of the Brexit vote.

Sterling notes

Sterling notes

Last week the pound hit a 168-year low as it fell 0.8% to US $1.21 amid indications that the government will aim for a “hard Brexit”.

The price hikes, which will be take place across the retail market from fashion to food, will cost consumers approximately £15bn next year, The Daily Mail suggests.

At the British Retail Consortium’s Brexit debate last week, chairman Richard Baker said that while some retailers had absorbed the shortfall initially, they would be unable to do so for much longer.

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