![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/primark-issues-major-update-on-prices-and-shoppers-will-be-relieved/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/front-exterior-view-branch-primark-771028018-1.jpg&description=PRIMARK has announced a major update on prices which will please thousands of shoppers. The update concerns the winter price hikes, with inflation currently sitting at 10.1%. Primark has updated its plans for hiked pricing - and shoppers will be happyCredit: Getty The boss of Primark's parent company hopes that a promise not to announce any further price hikes before next autumn can put pressure on some of his rivals as shoppers are put under strain during the cost-of-living crisis. George Weston said that rising prices would have been bad for both the company's sales and its reputation. The company has promised to not add any further price rises to those already announced before next year's autumn/winter collection launches. "In a year in which it was clear that our consumers will have less money, not more, to push prices on them would a) probably be destructive of sales volume in the year, and b) would be damaging to our reputation in the long run," Mr Weston told the PA news agency. "It just wasn't the right thing to do. We're going to have these dollar rates for a couple of years, I reckon, but we're going to have Primark, I hope, being known to be the consumer's friend, and the best-value retailer on the high street, I hope for years to come. "So it's an investment in our consumers, it's an investment in the future, it's a statement of reality, and maybe, just maybe, it's no bad time to put a bit of pressure on some others that we compete with." The business said the decision is "in the best interests of Primark", which will support its "everyday affordability and price leadership" and help it grow market share. However, Mr Weston said that prices have already increased by the low single percentage digits for Primark's products. Only around 50% of products have gone up in price, and the children's ranges have been the least impacted. Mr Weston added: "Sales, margin and profits at Primark increased significantly as more normal customer behaviour resumed after th){kind=link}
PRIMARK has announced a major update on prices which will please thousands of shoppers.
The update concerns the winter price hikes, with inflation currently sitting at 10.1%.
The boss of Primark’s parent company has promised not to announce any further price hikes before next autumn.
He says it’s to put pressure on some of his rivals as shoppers are put under strain during the cost-of-living crisis.
George Weston said that rising prices would have been bad for both the company’s sales and its reputation.