Purchasing company Beacon, has reported a record 267% growth in price rise notifications. with average price rises for products and services has doubling year-on-year, citing Brexit as major cause. Some of the biggest increases have been in the coffee and stationery products
With at least some of the Brexit uncertainty is over, as British and European businesses break cover and blame Brexit for having to issue a record number of price rises to their products. Beacon, has seen price increases delivered across a number of categories including food, beverages and consumables with average notifications doubling year on year and considerably higher than the current UK inflation level of 1.6%.
Paul Connelly, Beacon MD, commented:
“These price increase notifications indicate to us a significant shift in mindset from British and European businesses. After the Brexit vote in June last year we had about six months of businesses waiting and seeing what Brexit meant to them. That period of pausing appears to be over. The price rises are coming, which will impact smaller independent businesses and is likely to feed through to consumers if those businesses are not able to absorb the increased costs. A period of prolonged prudence is likely as the focus sharpens on continuing to help people and businesses control costs and remain profitable.