Primark will be raising its price this year - here's why

Executive John Bason said he ‘regrets’ the fashion firm’s decision to raise prices.

The retailer has warned that it will increase prices on its autumn and winter collection as costs go up for businesses around the world.

The budget fashion chain said it would make ‘selective’ rises in the range.

Mr Bason, who is the finance director for Primark’s parent company AB Foods, told the BBC: ‘I do regret that we have to put some prices up. It is a reflection of the scale of the inflation that we’re seeing.’

AB Foods, which also owns Twinings and is also a major sugar producer, said last month the US dollar strengthening and soaring inflation forced the changes.

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At the time, chief executive George Weston said: ‘Inflationary pressures are such that we are unable to offset them all with cost savings, and so Primark will implement selective price increases across some of the autumn/winter stock.

‘However, we are committed to ensuring our price leadership and everyday affordability, especially in this environment of greater economic uncertainty.’

AB Foods’ pre-tax profit rose 131% to £635 million in the six months to the start of March, as revenue rose by a quarter to £7.9 billion.