Primark owner takes £1bn inflation hit but holds off more clothing price rises

ABF warns of ‘challenging’ economic conditions as consumers face soaring food and energy bills

Primark’s owner has taken a £1bn hit from increased inflation this year and said rising costs and a weak consumer backdrop would be challenging in the coming months.

Associated British Foods said it had “encountered the most challenging economic conditions for many years with sharply rising and broadly based inflation”, with inflation adding £1bn in costs across the group this year.

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​ABF warns of ‘challenging’ economic conditions as consumers face soaring food and energy billsPrimark’s owner has taken a £1bn hit from increased inflation this year and said rising costs and a weak consumer backdrop would be challenging in the coming months.Associated British Foods said it had “encountered the most challenging economic conditions for many years with sharply rising and broadly based inflation”, with inflation adding £1bn in costs across the group this year. Continue reading…