• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today!  028 3752 2909 or 028 8778 9500

  • Facebook
  • LinkedIn
  • Twitter

WHR Accountants

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH

Mobile Menu

  • HOME
  • ABOUT
  • OUR TEAM
  • SPECIALIST SERVICES
    • Audit & Assurance
    • Accountancy
    • Book Keeping
    • Computerisation
    • Payroll Services
    • Business Development & Start-up
    • Tax
    • VAT
    • Business Information Systems Support
  • BECOME A CLIENT
  • BLOG
  • VACANCIES
  • CONTACT
  • SEARCH
  • Facebook
  • LinkedIn
  • Twitter
Home » Blog » Price Rises Expected Across The Board From N Ireland Businesses

Price Rises Expected Across The Board From N Ireland Businesses

May 3, 2022 By //  by Des Ingham Leave a Comment

A recent survey of firms in Northern Ireland found that well over three quarters of these firms were expecting to significantly raise their prices over the next few months, with the main reason being the rocketing cost of raw materials.

Ukraine A Catalyst For Escalating Energy Prices

Human resources documents: payroll, salary and employee time sheets place on office table with cup of coffee and calculator, sepia tone

The war in Ukraine has certainly been a catalyst for the escalating energy prices that are now blighting the economy and adding to the cost of living crisis in Northern Ireland. Inflationary pressures are increasing with businesses seeing no other way forward than to increase their prices to the consumer. With the cost of living crisis there is also the added pressure of employees wanting a wage rise so that their wages stay consistent with the rises in inflation.

Trading In A Hugely Complex Economic Climate

Speaking to the Belfast Newsletter, Ann McGregor, chief executive of the Northern Ireland Chamber of Commerce, commented on these issues, saying:

“Businesses are trading in a hugely complex economic climate, including a perfect storm of cost pressures that now also has to take into consideration the fall-out of the war in Ukraine.”

She continued: “The most striking issue is the extent to which inflationary pressures are impacting on businesses, especially manufacturers.

“Deteriorating cash flow positions are concerning, as this leaves firms more vulnerable to economic shocks, including the damaging impact of soaring energy bills, higher inflation, and tax increases.

“Northern Ireland has had skills gaps for years, but the skills crisis is now becoming tangible, to the extent that in quarter one, 2022, 91% of manufacturers and 86% of services were finding it difficult to get staff.

“While it is good to see that a majority of businesses were trading positively in quarter one, there is concern that our recovery from the pandemic is slowing down as a result of significant cost pressures businesses in all sectors are facing.”

All these issues of course are not just affecting Northern Ireland, they are affecting the whole of the UK and further afield. There is certainly no easy solution to the problems that energy prices are going to cause to both businesses and the general public over at least the next few months. It is hoped that we can become less reliant as a nation on importing gas and oil over the course of the next few years and look closer to home for sources of energy, not least looking at producing a lot more renewable sources of energy which we need to do anyway to seriously cut down our carbon emissions.

Category: General

Looking for immediate answers to your questions?

Schedule a no-cost consultation today!

This is a very useful Call To Action in the “After Entry” widget area. You can put whatever you’d like in it, and change the background color to whatever you’d like.

You May Also Be Interested In:

Extra £2.6 Billion Of New Capital Announced To Help Fund Growth

Funding Package Announced To Support Employee Ownership In NI

Private Sector Back In Growth Mode In May

Accountancy Body Calls For More Competitive Rate Of Corporation Tax

Don’t Go It Alone: Why An Accountant Is Your Best Ally For Making Tax Digital In 2026

Soaring Costs Hit Hospitality Sector Hard

Northern Ireland Energy Summit Back For A 2nd Year

Beyond The Fee: How An Accountant Can Save You Money On Your Taxes

BGF To Play Its Part In Supporting Businesses Across The UK With Funding

Previous Post: « Covid Loan Repayments, Inflation & High Energy Prices Making Life Tough For Business
Next Post: Shops Suffer As Cost Of Living Crisis Bites »

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

WE PROMISE YOU:

If you are finding the current economic situation tough, then rest assured, we understand the pressures you face as a business owner or manager. You don’t have to face the future alone. When you choose WHR, you have an ally, a partner, a friend, in both the good times and the tough times.

028 3752 2909
028 8778 9500

RECENT POSTS

Job Retention Scheme – Update

Dear Payroll Client We are trying to continue to run our …

Extra £2.6 Billion Of New Capital Announced To Help Fund Growth

In welcome news yesterday (Mon June 23rd), the Secretary of …

Funding Package Announced To Support Employee Ownership In NI

The Economy Minister Dr Caoimhe Archibald shrewdly chose …

Private Sector Back In Growth Mode In May

The latest survey from Ulster Bank has revealed that the private …

Accountancy Body Calls For More Competitive Rate Of Corporation Tax

A new report compiled by Chartered Accountants Ireland, entitled …

Don’t Go It Alone: Why An Accountant Is Your Best Ally For Making Tax Digital In 2026

The UK's tax landscape is undergoing its most significant …

Footer

Director

James Robinson

Head Office

WHR Chartered Certified Accountants
028 3752 2909 or 028 8778 9500

56 English Street,
Armagh
BT61 7LG

Contact Us

Contact our office today. Our team are ready to help you. There is no better time than now.
Click Here →

Follow Us

Keep up to date with our social media

  • Facebook
  • LinkedIn
  • Twitter
  • Blog
  • Specialist Services
  • Privacy Policy

Website created by ZebWeb