BICS weighted Scotland estimates: data to wave 118

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

Figure 3: 16.1% of businesses reported that the prices of materials, goods or services bought in September 2024 had increased compared with August 2024; 7.3% reported increases in prices of goods and services sold by their business.

Estimated share of businesses experiencing increased prices. Businesses not permanently stopped trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 118.

Source: BICS weighted Scotland estimates - data to Wave 118 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 & Food Services at 22.7%.

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

An estimated 10.4% of businesses were expecting to increase prices in November 2024, up from 7.7% last month (when asked about price expectations for October). The top three factors reported by businesses for considering price increases were labour costs (29.5%), energy prices (18.8%) and raw material prices (16.5%).