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.

Monday, 12th June 2017, 7:00 am
Updated Monday, 12th June 2017, 10:15 am
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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.

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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.”