Newspaper article Evening Gazette (Middlesbrough, England)

Buyers Forced to Pay Price of Inflation

Newspaper article Evening Gazette (Middlesbrough, England)

Buyers Forced to Pay Price of Inflation

Article excerpt

Byline: By JEZ DAVISON

SPIRALING costs are forcing Tees manufacturers and retailers to put the squeeze on consumers, as official figures showed UK factory gate prices and producers' costs rising at a record pace.

The Office for National Statistics said prices are at their highest since records began in 1986, with output prices for sales of manufactured products rising by 7.5% and input prices increasing by 23.3%.

And to maintain margins, Tees retailers are having to pass on rising raw material costs to the end customer.

Mohammed Hanif, owner of Charles Mini-Market in Middlesbrough, said increased supplier costs were taking their toll on his business.

He said: "I let supermarkets set the benchmark by waiting until they increase their prices before I increase mine. There is little that the government or Bank of England can do because rising food prices are a global problem."

Nigel Rogers, chief executive of Hartlepool-based Stadium Group, said the impact of commodity and oil prices had caused inflation in the manufacturing pipeline. …

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