PRIMARK is cutting the price of kids’ clothes to help hard-pressed families.
The cost-of-living crisis has also prompted Ryanair to say it will have to drop flight prices to encourage holidaymakers to travel.
3
3
With the worst of inflation over, firms are passing on savings from falling wholesale costs to consumers.
Budget fashion chain Primark is reducing prices on basic kids’ items, such as baby outfits cut to £4.60 from £6 and hoodies to £8.10 from £9.80.
Earlier this year boss Paul Marchant vowed to not hike prices any further.
Marchant said: “For millions of people household finances continue to be stretched and we know that great value has never been more important for our customers
“We want to do our bit to help alleviate some of that pressure by lowering the prices on many of our kids’ essentials.”
Meanwhile retailer Matalan yesterday blamed a 8 per cent slide in sales to £264 million in the last three months on the cost of living crisis and wet weather dampening shopper appetite.
The move comes on the back of profits at the budget airline soaring by almost 300 per cent to a record high of £571 million in the past year.
Ryanair admitted that it has hiked air fares by 42 per cent compared to a year ago, making flights and trips abroad much more expensive. Ryanair now makes £11 profit on every passenger, three times what it made last year and 50 per cent higher than its pre-pandemic levels.
Most read in Money
Despite the higher fares, Brits have still continued to book trips abroad and put holidays at the top of their budget priorities.
However, Michael O’Leary, Ryanair’s long-serving boss, said that he anticipated some “fare stimulation” would be required this autumn as households finances come under strain from “months of rising mortgage rates and consumer price inflation”.
3
