Breadcrumb Trail Links PMN Business Author of the article: Reuters Paul Sandle and James Davey Article content LONDON — Three leading British retailers on Thursday underscored the threat they face from inflation this year, with their bosses battling to remain competitive as consumer finances come under pressure and prices surge. Next, Britain’s most profitable clothing retailer, Greggs, a booming food-to-go chain, and discount group B&M need to absorb higher commodity, energy, labor and freight costs without pushing prices up to the detriment of sales. For Next, the worry is the gap between price rises and customers’ wage increases, while Greggs has lifted its own staff wages to retain workers in a tight market, and now wants to pass through price rises without losing its ‘value’ tag. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content “This year is a more challenging year than most,” outgoing Greggs CEO Roger Whiteside told Reuters. “You’ve got inflation coming at you from both the ingredient side and the labor side.” Rising inflation is the big cloud on the horizon for the global economy, as supply chain disruption, higher energy costs, labor shortages and post-lockdown demand pushes up prices at rates not seen for decades. British consumers have already seen food prices rise, with post-Brexit economic barriers pushing up the cost of trade, and hikes in taxes and energy bills are due in April. The Bank of England expects consumer price inflation to hit 6% in April, its highest since 1992, before easing. MOUNTING PRESSURE Next, a $15 billion retail giant that sells fashion, school uniforms and suits to millions of customers, expects its prices to rise by 6% in the …
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