BICS weighted Scotland estimates: data to wave 124

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

Figure 3: For an estimated 18.5% of businesses, the prices of materials, goods or services bought in December 2024 had increased compared with November 2024; down from 22.3% in the previous month. 7.4% of businesses increased the prices of goods or services they sold in December 2024.

Estimated share of businesses experiencing increased prices. Businesses not permanently stopped trading - with 10+ employees and a presence in Scotland. Applicable waves 18 to 124.

Source: BICS weighted Scotland estimates - data to Wave 124 from the Scottish Government. For Figure 3 data see tables ‘PricesBoughtChange’ and ‘PricesSoldChange’.

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

An estimated 25.5% of businesses were expecting to increase prices in February 2025. The top three factors reported by businesses for considering price increases were labour costs (44.2%), energy prices (21.3%) and raw material prices (19.3%).

For the data on price expectations and factors, see tables ‘PricesExpect’ and ‘PriceFactors’ in the BICS weighted Scotland estimates - data to Wave 124 Excel workbook.