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UK facing biggest Christmas price rises in over 3 decades

Wed 01/12/2021 by Richard Wilkinson
Ben Jones, economist at CBI. Copyright: CBI Service Sector Survey.
Ben Jones, CBI economist

Consumers in the UK face the biggest price rises in more than 30 years this Christmas after fears of widespread shortages triggered panic-buying in November. The warnings come after a survey of retailers published by the CBI, which found that customer concerns about empty shelves this month has sent prices skyrocketing. 

This comes as customers spent over £8.7 billion on Black Friday sales – 15% more than last year when the country was in its second lockdown. CBI economist Ben Jones told the Guardian:

“Christmas seems to have come early for retailers, with clothing and department stores in particular seeing a big upward swing in sales volumes in November. Overall, retailers are becoming more optimistic, with both employment growth and investment intentions picking up strongly. Cost pressures remain a very real concern, however.”

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