BICS weighted Scotland estimates: data to wave 100

Prices

The BICS asks businesses that have not permanently stopped trading (i.e. ‘Currently Trading’ or ‘Paused Trading’) about how the prices of materials, goods and services bought and sold compare with the previous calendar month. Note that in Wave 100 businesses were asked about prices in the month of December 2023. Prior to Wave 55, these questions asked how prices compare to normal price fluctuations.

Figure 2: In Wave 100, 24.2% of businesses reported that the prices of materials, goods or services bought in December 2023 had increased from the previous calendar month. Over the same period, 9.5% of businesses reported that they had increased the price of goods or services sold.

Estimated share of businesses experiencing increased prices. Businesses currently trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 100.

Source: BICS Weighted Scotland Estimates - Wave 100 from the Scottish Government. For Figure 2 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

Of currently trading businesses, 24.2% reported an increase in the prices of materials, goods or services bought in December 2023 compared with November 2023; a higher share than the previous month (19.6%).

In the latest period, the industry sector with the highest proportion of businesses reporting increases in the prices of materials, goods and services bought was Accommodation & Food Services (39.5%).

Of currently trading businesses, 9.5% reported an increase in the prices of materials, goods or services sold in December 2023 compared with November 2023; a lower share than the previous month (11.1%).

In the latest period, the industry sector with the highest proportion of businesses reporting increases in the prices of materials, goods and services sold was Accommodation & Food Services (12.9%).

Businesses were also asked if they had been affected by recent increases in energy prices. In the period 8 January to 21 January 2024, 42.6% of applicable businesses reported that they had been affected by the recent increase in energy prices in some way (suppliers and/or production were affected).

In Wave 100, businesses were asked what their expectations were for the prices of goods or services sold in February 2024, and the factors causing the businesses to consider raising prices.

An estimated 20.0% of businesses were expecting to increase prices in February 2024. The top three factors reported by businesses for these expected price increases were labour costs (36.6%), energy prices (27.8%) and raw material prices (20.3%).