British Furniture Manufacturers

Record high for the price of retailed furniture

14 April 2022

Record high for the price of retailed furniture

The consumer price index rose to 7% in March, up from 6.2% in February.   This is its highest level for 30 years.  Contributing to this rise was the retail price of household furniture, which hit a new record high in March, standing at 17.2%, up from 14.7% in February.

The rise in prices is also seen in record monthly retail sales. Compared to March 2021, the value of furniture and lighting sold in the UK increased by 44% to over £1.5 million in the month. The value is also up by 31,7% on the previous month of February.   

The cost of materials and fuel for furniture manufacturers returned to above 20% in March, up from 19.5% in February.  Prior to that, the last time monthly furniture inflation was below 20% was in July last year when it hit 16.5%. 

Factory gate domestic furniture prices in March were up by 8.4% on the same month in 2021, down from a rise of 9.2% in February. The annual rise for the first 3 months of 2022 was recorded at 7.7%.  

These figures suggests manufacturers will be forced again to increase retail prices.

Please note, it is common for the Office of National Statistics (ONS) to revise monthly figures when new data comes in and hence some previous articles may report slightl;y different figures.

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