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.”