Primark's owner has warned of price rises in its autumn and winter ranges as it is no longer able to offset cost increases with savings. The high-street giant announcement will be a crushing blow for people who rely on the retailer for cheap clothing and homeware.
The budget fashion chain said it will make “selective” rises in the range, having avoided most pressures from inflation until now because global exchange rates fell in its favour, reports Manchester Evening News.
But AB Foods, which owns Primark and Twinings and is also a major sugar producer, said the US dollar is strengthening and inflation is soaring, which will force the changes. Chief executive George Weston said: “Inflationary pressures are such that we are unable to offset them all with cost savings, and so Primark will implement selective price increases across some of the autumn/winter stock.
