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Fewer UK firms expect to raise prices over the next month, ONS says

Published 18/05/2023, 10:05
Updated 18/05/2023, 10:10
© Reuters. FILE PHOTO: People shop at a grocery market, in London, Britain May 6, 2023. REUTERS/Emilie Madi

LONDON (Reuters) - The proportion of British businesses expecting to raise prices has fallen in a latest sign that price pressures have peaked after inflation hit a 41-year high last year, a survey published on Thursday showed.

The Office for National Statistics said 18% of businesses expected to increase the prices of goods or services they sell next month, down from 23% in a similar survey conducted last month.

© Reuters. FILE PHOTO: People shop at a grocery market, in London, Britain May 6, 2023. REUTERS/Emilie Madi

British consumer price inflation stood at 10.1% in March, down from a peak of 11.1% in October but still five times the Bank of England's 2% target.

The BoE has said it expects inflation to fall to about 5% by the end of this year. It has raised interest rates 12 times since December 2021 and investors think it is likely to increase borrowing costs once again in June.

 

 

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