Wine drinkers in Britain are having to pay more for their tipple than at any time ever before, according to new figures published today.
"The average 75cl bottle topped £5.50 for the first time towards the end of last year, and hit £5.56 in the first quarter of 2017, according to the Wine and Spirit Trade Association (WSTA)," says The Guardian.
According to WSTA the main culprit for the rises is Brexit – or more specifically the slump in the pound that followed the Brexit vote last June.
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Sterling is down around 13 per cent against the dollar since before the referendum and 11 per cent against the euro. Given that "almost all the wine sold in the UK is imported" this means retailers are facing higher costs that they are passing on.
Miles Beale, WTSA's chief executive, 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."
There are other issues beyond Brexit that are likely to push prices up more in the months ahead.
"Prices could go up further as the figures do not take into account the rise of 3.9 per cent in alcohol duty announced in the March Budget, adding another 8p to the average-priced bottle," says Sky News.
When Brexit finally happens there would be additional costs if tariffs are imposed on imports coming through Europe.
WTSA says the latest figures show the importance of the new government supporting the industry and its 275,000 jobs by reducing alcohol duties at the upcoming Autumn Budget.
