High-street giant Primark has issued a warning to anyone who shops in its stores. The announcement will be a crushing blow for people who rely on the retailer for cheap clothing and homeware.
Primark has warned that it will increase prices on its autumn and winter collection as costs go up for businesses around the world. The budget fashion chain will make “selective” rises in the range, having avoided most pressures from inflation until now because global exchange rates fell in its favour.
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.
