Pernod hikes prices for Absolut vodka, Beefeater gin after pound slump
By Oliver Haill
Date: Wednesday 29 Mar 2017
(ShareCast News) - Pernod Ricard, owner of popular alcohol brands including Absolut vodka, Jameson whiskey and Malibu rum, has hiked UK prices on its spirits and wines in order to counterbalance the effect of the pound's slump since the Brexit referendum and rising inflation.
Prices were increased in March by an unspecified amount, according to a Bloomberg report, which cited a presentation by Christian Porta, chairman and chief executive of Pernod Ricard's Europe, Middle East, Africa and Latin America businesses.
Pernod's core brands also include Glenlivet and Chivas Regal whisky, Beefeater gin, Havana Club rum and Perrier Jouet champagne.
Industry data for the UK supermarket sector showed grocery crawled higher in recent months, with like-for-like inflation doubling over a 12 week period to the end of February to 1.4% compared to the same period a year ago.
The UK consumer price index also jumped to 2.3% in February from 1.8% the month before, according to the Office for National Statistics release this month, which was above the consensus estimate for a rise to 2.1% and the BoE's 2% target.
Prospects for higher consumer price inflation look certain, with February seeing a 3.7% year-on-year increase in producer output prices, the highest since December 2011.
Economists said the pressure on manufacturers to lift their prices was evident in producer input prices rising 19.1% year-on-year in February, reflecting the recovery in oil and commodity prices as well as the post-referendum slump in sterling, though there was a 0.4% month-on-month decline in producer input prices.
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