off-the-wire

UPDATE 1-A quarter of British firms expect to raise prices in March, ONS says

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Recasts, adds detail) LONDON, Feb 23 (Reuters) -


The proportion of British businesses expecting to raise prices in March fell marginally, adding to signs that price pressures may have peaked, a survey published on Thursday showed.


The Office for National Statistics said 25% of trading businesses expected to increase the prices of goods or services they sell over the next month.


In January, the ONS said that proportion stood at 26%.


British consumer price inflation slowed to 10.1% in January, cooling from a 41-year high of 11.1% in October.


Nearly half of firms in accommodation and food services intended to hike prices - the highest proportion of all sectors.


Of all the firms surveyed over the last two weeks, 35% cited energy costs as the main reason for increasing prices.


There was also a big increase in overall retail footfall in the week to the end of Feb. 19 to 108% of the level of the previous week, coinciding with school holidays, and 123% of its average level in the same week in 2022.
(Reporting by Suban Abdulla, Editing by Kylie MacLellan and William Schomberg)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.