Wine prices at record high - thanks to Brexit
Wine prices have reached an all-time high since the Brexit vote - and further rises are expected to follow, according to industry experts.
The Wine and Spirit Trade Association said that the referendum result is to blame for the increase, which has seen the cost of a bottle rise more in the past three months than in the previous two years.
The average price now stands at £5.66, a three per cent rise in the 12 weeks to the end of March.
Previously, the rise was just one per cent over two years, not including a 3.9 per cent rise in alcohol duty in the spring Budget.
The WTSA pointed out that despite a healthy domestic market that produces 5m bottles per year, of the 1.8 million bottles of wine consumed in the UK annually, 99 per cent are imported.
Citing a weak pound causing import costs to rise, WSTA chief executive Miles Beale said: “Unfortunately, for both British businesses and consumers, we are clear that this is not a one-off adjustment, but rather that wine prices will continue to rise.”