RE: Telegraph article5 Jan 2023 21:21
The inflation crisis is coming to an end as pressure eases on the high street after months of surging costs, the chief executive of Next has said.
Simon Wolfson suggested that disruption caused by Covid and Russia's invasion of Ukraine is starting to fade, in a boon for millions of consumers suffering from price rises.
It came as Next and other retailers revealed better than expected Christmas sales figures in a sign that the beleaguered industry is weathering the storm.
While there is “no question next year is going to be a tough year”, Lord Wolfson said, discussions with Next's suppliers have given him cause for hope.
He said: “We can see inflation in garments coming down.
"What we can see at the moment, because we're negotiating for stock to be delivered in five to six months' time... is the things that cause our prices to go up in the first place, all are slowly reversing.”