British Furniture Manufacturers

High retail price inflation helps record sales values for the month of June

22 July 2022

High retail price inflation helps record sales values for the month of June

According to the Office of National Statistics (ONS), in June, £1,529,922 billion was spent by consumers on furniture and lighting. The amount spent is the highest ever recorded in that month and the ONS figures span 36 years.  This represents a recovery from May, with monthly values up by 4.2% on June last year and 22.5% up on May 2022, which saw a decline on an annual basis of 8.9%.

However, the higher value is a little deceiving as it is a reflection too of the rising retail price of household furniture. This was 16.6% higher in the month of June compared to that month last year, only surpassed by the record high of 17.2% in March this year.

Input costs in the production of furniture again were recorded as rising by around 21% in the month of June, the eleventh month that the cost of materials and fuel has been at or above 20%.

Factory gate prices continue to rise in an attempt to offset rising costs, with prices 9.8% higher than June 2021, up from 9.5% recorded in May.

The 3 measures of consumer inflation

The Consumer Prices Index (CPI) rose by 9.4% in the 12 months to June 2022, up from 9.1%  in May.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 8.2% in the 12 months to June 2022, up from 7.9% in May.

The Retail Price index (RPI) rose by 11.8% up from 11.7% in May 2022..

Related articles:

UK furniture makers turnover and orders strong in May
Input price pressures continue for furniture makers / Furniture and lighting sales fall for the first time this year
UK furniture output drops in the month by is up on pre-pandemic levels
High input costs and soaring retail prices show little sign of easing
Furniture a major contributor to fastest pace of inflation for 30 years
UK furniture production below pre-pandemic levels
Record furniture retail prices while monthly making costs continue at 20% level
Furniture a major contributor to fastest pace of inflation for 30 years

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