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Flooring inflation still climbing
December 14, 2022
Retail price inflation in the flooring sector is still climbing, even as prices start to reduce slightly in the furniture sector as a whole.
Inflation in the flooring retail sector was expected to stabilise but latest data from the Office for National Statistics (ONS) shows it has risen 0.6% from October's figure of 8.7% to 9.3% for November.
The furniture sector as a whole has much higher prce inflation but this eased back last month, down 0.5% to 13.2% for the year to November. In March 2022, furniture inflation peaked at 17.2%.
General consumer price inflation eased to 10.7% for November, from 11.1% – a 40-year high – in October.
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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.
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