NEXT will hike prices by 8% this year as the cost of living crisis continues.
The high street giant said staff shortages and supply chain disruption mean shoppers will have to pay more.
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It said on average prices will jump 8% after June, but homeware costs could soar by as much as 13%.
Clothes prices are expected to rise by around 6.5%, the retailer said this morning in its latest financial update.
It’s a huge jump from the 3.7% rise predicted for the first half of the year and comes as the cost of living crisis continues.
Inflation hit 6.2% yesterday according to the latest figures, reaching its highest level in 30 years.
Inflation is a measure of how much the prices of goods and services have changed over time.
When it goes up, prices on everyday items and essentials from groceries to fuel to transport costs increase – which means you’ll pay more just to get by.
Energy cost are also on the rise, with the average household facing an extra £693 charge on their annual bill from April.
Next boss Simon Wolfson blamed his firm’s price jump on disruption to global supply chains and too few workers.
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“There are simply not enough goods, energy and skilled workers to maintain living standards at the levels we have become used to,” he said.
“It is important to understand that the cost of living crisis is a supply side crisis; the inflation we are experiencing is a symptom of underlying constraints in the supply of goods.”
Next had previously said it expected a 6% price rise in the autumn and winter.
It’s not the only brand to announce price hikes in recent months.
Greggs revealed this month that prices will go up for the second time in 2022.
It comes after it already increased the price of its sausage rolls by 5p in January.
Dunelm and B&M also warned about raising prices this year.
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