BICS weighted Scotland estimates: data to wave 120

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

Figure 3: For an estimated 16.1% of businesses, the prices of materials, goods or services bought in October 2024 had increased compared with September 2024; 6.9% of businesses had increased the prices of goods and services they sold over the same period.

Estimated share of businesses experiencing increased prices. Businesses not permanently stopped trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 120.

Source: BICS weighted Scotland estimates - data to Wave 120 from the Scottish Government. For Figure 3 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

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

An estimated 10.0% of businesses were expecting to increase prices in December 2024. The top three factors reported by businesses for considering price increases were labour costs (34.7%), energy prices (17.8%) and raw material prices (13.2%). These are the same top three factors as last month. However, the percentage citing labour costs has increased from 29.5% and the percentage citing raw material prices has decreased from 16.5%.