BICS weighted Scotland estimates: data to wave 112 & 113

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 112 businesses were asked about prices in the month of June 2024. Prior to Wave 55, ‘Currently Trading’ businesses were asked how prices compare to normal price fluctuations.

Figure 3: 19.8% of businesses reported that the prices of materials, goods or services bought in June 2024 had increased from the previous calendar month. Over the same period, 10.8% of businesses reported that they had increased the price of goods or services sold.

Estimated share of businesses experiencing increased prices. Businesses not permanently stopped trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 112.

Source: BICS weighted Scotland estimates - data to Wave 112 & 113 from the Scottish Government. For Figure 3 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

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 and Food Services (37.1%). This sector also had the highest proportion reporting increases in the prices of goods and services sold (26.0%).

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

An estimated 9.3% of businesses were expecting to increase prices in August 2024; this is the lowest level in the series, which goes back to April 2022. The top three factors reported by businesses for considering price increases were labour costs (27.8%), energy prices (18.5%) and raw material prices (17.1%).