BICS weighted Scotland estimates: data to wave 122

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

Figure 3: For an estimated 22.3% of businesses, the prices of materials, goods or services bought in November 2024 had increased compared with October 2024; up from 16.1% in the previous month.

Estimated share of businesses experiencing increased prices. Businesses not permanently stopped trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 122.

Source: BICS weighted Scotland estimates - data to Wave 122 from the Scottish Government. For Figure 3 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

In December 2024, businesses were asked what their expectations were for the prices of goods or services sold in January 2025, and the factors causing the businesses to consider raising prices.

An estimated 25.0% of businesses were expecting to increase prices in January 2025; up from 10.0% in the previous month. The top three factors reported by businesses for considering price increases were labour costs (42.5%), energy prices (21.2%) and raw material prices (18.0%).