As post-Brexit referendum currency adjustment continues, prices of clothing items increased by 3 per cent in November 2017, compared to 0.9 per cent last year, according to the Consumer Price Inflation figures released by the Office for National Statistics (ONS), recognised as UK’s national statistical institute. Overall inflation too edged up 3.1 per cent.
Rising Inflation Pressures Consumer Spending
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.8 per cent in November 2017, unchanged from October 2017. While the Consumer Prices Index (CPI) 12-month rate was 3.1 per cent in November 2017, up from 3.0 per cent in October 2017; it was last higher in March 2012, ONS data showed.
“Higher prices mean that shoppers’ budgets won’t go as far this Christmas, with spending likely to continue its trend of shifting towards essential, predominantly food items and away from discretionary goods,” commented Rachel Lund, head of Retail Insight & Analytics at the British Retail Consortium (BRC) in a press release.
“However, the pile of presents under the tree doesn’t have to be smaller this year: our shop price data shows that retailers are still offering lower prices than last year on some of their non-food ranges, so for consumers on a stretched budget there are still options available,” she added.
