In January this year, the retail price of furniture and furnishings rose on an annual basis by 4.5%, up from 1.3% the month before.
Furniture retail prices at over 3 year high
In January this year, the retail price of furniture and furnishings rose on an annual basis by 4.5%, up from 1.3% the month before. This is the largest rise since October 2017.
By comparison, factory gate prices of furniture produced by UK companies for the domestic market rose by 1.7% in January, whereas the cost of materials and fuel increased by 4.4%, up from 3.5% in December.
The latest recent cost figures are a reflection (and some would say an under-reflection) of sharp rises in many materials, most notably foam.
In January this year, when compared to the same month last year, furniture & lighting retail sales fell by 13.3% (averge weekly turnover) in terms of the amount spent by consumers which is the largest monthly fall since June last year. While a significant drop in value, this figure is well below the largest monthly decline which was in April 2020 when a fall of 78.1% was recorded.
Source: Office of National Statistics.