The price of EU-made wine in UK supermarkets is set to increase by up to £0.29 because of the weakening of the pound versus the euro.
A six-year low for Sterling against the euro has forced importers to increase their prices for stock, which, TheDrinksBusiness.com estimates, will ultimately hit the consumer shopping for wine.
Patrick McGrath, managing director of UK wine importers Hatch Mansfield, told the drinks website, “The fall in the value of sterling is having a serious and immediate impact on importers. While currency fluctuations are an accepted risk for importers, three months on there appears to be little prospect of a return to pre-Referendum values.
“In the immediate aftermath of the referendum we were covered forward for foreign currency. However this ‘cushion’ has now run out. This will mean that we will be forced to increase our selling prices.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
