The boss of high street fashion giant Primark has made a crushing confession about the clothing brand. Millions of people rely on Primark for cheap clothing and homeware items.
But some prices are set to increase. Now Primark's boss has confessed that he has 'regret' for how much prices are set to rise in stores.
Clothing prices are rising because of the increased cost of materials, transport and supply chain issues. Primark is known for its low prices, but now may reluctantly have to increase these.
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John Bason, finance director of Primark owner Associated British Foods, said to the BBC: "I do regret that we have to put some prices up. It is a reflection of the scale of the inflation that we’re seeing.”
The Primark autumn and winter collections will see "selective price increases", according to George Weston, chief executive of Associated British Foods.
In April, Weston said: “Looking further ahead, 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. However, we are committed to ensuring our price leadership and everyday affordability, especially in this environment of greater economic uncertainty."
Pre-tax profits for Associated British Foods were up 131% in the six months to the start of March 2022, with revenues up a quarter to £7.9billion. UK inflation has surged to its highest level in 40 years as the cost of living crisis continues to batter UK households.
The consumer prices index (CPI) measure of inflation rose to 9% in the 12 months to April, according to the Office for National Statistics. This is up from 7% in the previous month and the highest inflation has been since 1982. The Bank of England has predicted that CPI could rise above 10% this year.
