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Average cost of a pint could rise to £4.25 by summer, Sacha Lord warns
Both the brewing and the hospitality industries are facing huge price increases
Greater Manchester’s Night Time Economy Advisor has warned that the average cost of a pint could soon soar amid the cost of living crisis.
Sacha Lord has shared his predictions that suggest the average pint price could soon rise from £4.07 to £4.25 as both the brewing industry and hospitality industry face rising costs across the board.
Lord explained that because these industries are being forced to pay more for things such as grain to make beer and energy to heat and light venues, the rising costs will soon be passed down to customers.
He said: “Our sector looks like it’s back to normal with the naked eye, but behind the scenes, operators are barely breaking even.
“Many operators will be forced to increase customer prices by around four to five per cent simply to stay afloat and this additional rise will be noticeable to punters.
“Landlords are trying their best in what is a financially precarious situation for many and putting prices up isn’t something they will want to do.
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“I believe most will try to keep price increases lower than the current 6.2% inflation rate to keep customers coming in, and will look to cut costs elsewhere such in their supply chains or even by reducing trading hours and cutting staff hours.”
As of tomorrow, April 1st, the UK’s energy price cap will rise by 54%, increasing the average household gas and electricity cost by around £693.
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Last week, Rishi Sunak unveiled his spring statement, which included a number of new measures to help millions of households as they struggle with rising costs.
As part of his announcement, the chancellor confirmed the government will be raising the threshold for the amount people earn before they pay National Insurance in what he describes as ‘the largest single personal tax cut in a decade’.
Other measures taken include a 5p cut to fuel duty, the doubling in household support funds distributed to vulnerable households, and the basic rate of income tax cut from 20p to 19p in the pound.