Retail giant Next has forecast that it will have to hike prices even more later this year.
The retailer said houseware prices will increase by 13% and fashion prices by 6.5% in the second half of 2022, for an average of 8% overall.
Clothing prices are already rising, with inflation data showing that for the year to February 2022, clothing and footwear prices increased a combined 8.8%.
The retailer still expects profits of £850m this year.
Next had already warned of incoming price increases in January, but has now raised its estimate for price increases in the second half of the year to 8% from 6%.
It’s still forecasting overall sales growth — despite the price hikes — but not as much as first thought, which it says is due to the closure of its Ukrainian and Russian sites.
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