NEXT is to make a huge change to prices and shoppers will be disappointed.
Shoppers might notice Next’s clothes are more expensive this year as the retailer confirmed the increase today.
Next is set to increase prices by 8% this Spring
It comes as the cost of living in the UK soars, with energy bills and shop prices rising.
Next said prices will be up by 8% in the spring and summer, before rising again by another 6% in autumn and winter.
In a financial update this morning, Next said that an increase in operating costs and the price of goods were partly to blame for the increase.
Next announced that it had better than expected Christmas sales, but said it remained “cautious” over the year ahead.
It said demand has been impacted by the cost of living and energy crisis, rising mortgage costs and its own price hikes.
The retailer said: “Both online and retail exceeded our full-price sales expectations, with retail being particularly strong.
“We think that we underestimated the negative effect Covid was having on our retail sales last year.”
But it’s not the first time Next has increased its prices, with costs going up by 6% in March last year.
It comes as households and businesses battle soaring inflation, with is impacting prices in shops.
The UK’s current rate of inflation fell to 10.7% in December.
Inflation is a measure of how much the prices of goods and services have changed over time.
When it goes up, prices on everyday items and essentials from groceries to fuel to transport costs increase – which means you’ll pay more just to get by.
Retailers including McDonald’s and Greggs have increased their prices over the last year in a blow to consumers.
The price of a Greggs sausage roll has risen from £1.10 to £1.15 – an increase of 5p.
While the much-loved 99p McDonald’s cheeseburger has increased in price, from 99p to £1.19.
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