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Flooring inflation finally falls below 10%
May 26, 2023
Flooring inflation has finally dipped below 10% after a period of stubbornly high price increases in the sector.
The latest Office for National for National Statistics (ONS) for April showed carpets and other floorcoverings retail prices increased 9% in the 12 months to April 2023, down from 10.3% the previous month, while remaining static from the 9% rise this time last year.
The fall is in line with the drop of the overall Consumer Prices Index (CPI) which rose by 8.7% in April, down from 10.1% in March.
The furniture sector has continued its decline in inflation for the eighth month in a row from historically high levels in 2022 and now stands at 8.6% compared to 9.6% last month.
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BUSINESS NEWS
The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
Kellars, which describes itself as the largest independent flooring wholesaler in the UK, saw another year of “substantial growth” to July 2024, according to its strategic report for the period. With six depots across the UK and a team of more than 100, the company has reportedly grown at a “rapid rate,” with the year leading up to July 2024 seeing a dramatic rise.
Victoria PLC, an international designer, manufacturer and distributor of flooring, today announces the planned appointment of Alec Pratt to the Group board as Chief Financial Officer Designate, who will replace Brian Morgan after three years’ service as Victoria’s Chief Financial Officer in June.
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Likewise Group, a UK flooring distributor, has announced the completion of its purchase of a freehold Logistics Centre in Ivybridge near Plymouth.
VAT and PAYE records from HM Revenue and Customs, compiled by The Furnishing Report, have revealed the number of flooring retailers with sales over £1m reached a record high in 2024.
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