The latest Confederation of British Industry (CBI) survey reveals that two thirds of retailers say prices are up on a year ago, whole only 9% say prices are down, the fastest pace of price increases since February 1992.
As the August Bank Holiday weekend approaches, retailers are looking to cash in on the extra shopping day and attract consumers with special offers and discounts.
Department store chain Debenhams is offering up to 70% off and additional “exclusive home offers” throughout the long weekend.
Supermarkets Sainsbury’s and Tesco are going head to head with electricals retailers Currys and Comet with savings on branded consumer electronics including flat screen televisions, audio equipment and sat-navs.
Car marque Citroën has launched a press campaign using the strap line “A+B=C3” offering “solutions you can bank on” across the August weekend including a £500 Citroën gift card and a £2,000 “welcome reward” discount on purchases of selected Picasso C3 models throughout the weekend.
Other retailers launching press campaigns ahead of the Bank Holiday weekend include Argos, Toys R Us, Carpetright, DFS, Asda and B&Q.