Businesses passing on rising costs to customers
By Richard Wright | 8th October 2021
Businesses are putting up prices to take into account rising costs, according to the latest national data.
The Office for National Statistics reports that one in ten businesses, in the last two weeks, said they'd put up the price of goods or services by more than the level of normal price fluctuations.
That compares with 8% in mid-August and 4% in late December last year.
Manufacturing, wholesale, retail and the repair of motor vehicles reported the highest increases.
Half of businesses in the construction industry reported that the price of materials, goods or services bought in the last two weeks had increased by more than expected, compared with nearly three in ten of businesses across all industries (29%).
More than a quarter (27%) of businesses reported a decrease in turnover compared with normal expectations for this time of year.
The accommodation and food service sector reported that more than one in ten (11%) had seen an increase in staff turnover in the last month compared with normal expectations for this time of year.
The data also shows that the price of gas has more than doubled since the start of the year, an increase of 213% since 1st January 2021, with prices going up 71% since 1st August 2021.
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