High prices for British consumers/Only 16% of firms remain unharmed by the conflict
The disruption to global shipping, coupled with rising energy and raw material prices, has increased costs for UK companies, with the impact already reaching the prices paid at the till. Retailers have responded by launching promotions to lure bargain hunters, but businesses said it was becoming harder to stop price increases and called on the government to go beyond existing measures to help ease the pressure.
Furniture and health and beauty products are among the items that have risen the most in recent weeks, driving a 1.2% year-on-year increase in store prices in May. The rate was slightly above the quarterly average of 1.1%. High oil prices and the ripple effect of the extended closure of the Strait of Hormuz sea channel were among the factors cited.
Customers can still find good deals on televisions and audio-visual equipment, she said, as retailers target soccer fans preparing for this summer's "World Cup" tournament in the United States, which begins next month. Strong competition among supermarkets has also kept food price inflation in check, which fell to 2.7% in May, below the long-term average of 3.1%.
However, while some promotions may be extended into the summer, as retailers compete fiercely for consumers' disposable income, the trade body expressed doubts about the broader outlook for cost-conscious consumers.
Experts say businesses cannot afford these costs indefinitely, which risks pushing prices higher in the coming months. They are calling on the government to reduce taxes and levies that make up two-thirds of companies' energy bills, as well as "cut red tape."
Only 16% of businesses say they have been unscathed by the unrest in the Middle East caused by US and Israeli attacks on Iran, according to a special report by the British Chambers of Commerce (BCC). Despite the embryonic signs of a ceasefire amid talks between the US and Iran, the business body predicted long-term effects, regardless of the outcome.
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