UK inflation fell to 2.5% in December, however two-thirds of retailers surveyed by British Retail Consortium are planning to raise prices in response to increased national insurance costs.

Two thirds of CFOs have said their business will be forced to raise prices as a result of higher wage bills, according to a new survey. Around 70 per cent of respondents to the survey, which looked at the attitudes of CFOs at 52 retailers,

A rise in employers' national insurance contributions (NICs) is expected to add £2.5bn to retailers' costs in 2025, following Reeves' Budget.

U.K. retailers are expecting a bleak 2025 and most of them plan to raise prices in the wake of cost increases related to the national insurance contributions this year, a report showed.