Wine prices are set to massively increase within the next year.
One wine firm described the rise as “absolutely eye-watering” and said consumers could face “big increases”, The Grocer reports. It comes as wine suppliers are set to pay 45% to 70% more for their glass bottles next year, as energy costs drive up their prices.
The cost of recycling glass is also increasing meaning that this will add to costs further. Although, many wine firms are now trying to reduce the amount of glass used to save money.
READ MORE: Jeremy Hunt plans to hike price of beer, wine and spirits
On top of that, the price of Packaging Recovery Notes – which suppliers are obligated to buy by law from recycling companies or compliance schemes – had surged too. Kingsland Drinks MD Ed Baker said prices have increased from approximately £45 to £200 per PRN over the past year.
He explained: "Glass is the most volatile of all the PRNs at present. Therefore the cost of utilising glass for the wine and beer industry is going up dramatically."
People can also expect to pay 7p more for a pint beer in the UK too. It comes as Chancellor Jeremy Hunt confirmed he is axing many of the measures in the mini-budget, including the planned cut to income tax.
In a statement last week, he said: "So whilst we will continue with the abolition of the health and social care levy and stamp duty changes, we will no longer be proceeding with the cuts to dividend tax rates, the reversal of off-payroll working reforms introduced in 2017 and 2021, the new VAT-free shopping scheme for non-UK visitors or the freeze on alcohol duty rates."
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