RETAILERS including Next, B&M and Greggs are hiking prices in the latest blow for consumers as the cost of living continues to climb.
The high street chains have all confirmed that shoppers will have to pay more in stores.
Next confirmed yesterday that prices will be up 6% by the winter, and its spring and summer collections will be 3.8% more expensive.
It blamed the jump on increasing operating and wage costs.
Meanwhile Greggs has reportedly upped the price of some of its products by 5p or 10p, and is considering whether further hikes are needed.
Roger Whiteside, the bakery’s chief executive, said staff wages had jumped 6.5% in the last year and ingredient prices have also risen, according to The Times.
“As expected, inflationary pressures increased towards the end of 2021 and are likely to remain elevated in 2022,” the company said in a trading update yesterday.
Inflation is a measure of how much the price of goods, such as food or televisions, and services, such as haircuts or train tickets, has changed over time.
Bargain retailer B&M is also affected, recently warning of supply chain and inflationary pressures this year.
Supermarkets are among the retailers hiking prices, the latest research shows.
Kantar revealed that grocery inflation hit 3.5% last month – adding £15 on to the bill of the average shopper.
The British Retail Consortium (BRC) said annual shop price inflation accelerated to 0.8% in December – up from 0.3% in November – in the second time prices have jumped since May 2019.
The Bank of England said inflation is expected to reach 6% by the spring and the BRC has warned that shop prices will “continue to rise, and at a faster rate” in 2022.
Helen Dickenson, the boss of the industry body, said: “Retailers can no longer absorb all the cost pressures arising from more expensive transportation, labour shortages and rising commodity and global food prices.
“Consumers will already be harder pressed this year, with rising energy bills, the looming hike in national insurance, and more expensive mortgagese.
“Government should relieve some of these costs by looking for long-term solutions for resolvable issues such as labour shortages.”