BICS weighted Scotland estimates: data to wave 65

Business Insights and Conditions Survey (BICS) weighted Scotland estimates containing data to wave 65

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Prices

The BICS asks businesses that have not permanently stopped trading (i.e. ‘Currently Trading’ or ‘Paused Trading’) about how the prices of materials, goods and services bought and sold compare with the previous calendar month. Note that in Wave 65 businesses were asked about prices in the month of August 2022. Prior to Wave 55, these questions asked how prices compare to normal price fluctuations.

Figure 3: In Wave 65, 57.4% of businesses reported that the prices of materials, goods or services bought in August 2022 had increased from the previous calendar month. In contrast, only 25.1% of businesses reported that they had increased the price of goods or services sold.

A bar chart showing 57.4% of businesses reported that the prices of materials, goods or services bought in August 2022 had increased compared to July 2022.

Source: Office for National Statistics – BICS – Weighted Scotland Estimates – Wave 18 to 32, 34, 36, 38, 40, 42, 44, 46 ,48, 50, 52, 55, 57, 59, 60, 63 and 65

In the latest period, the industry sectors with the highest proportion of businesses reporting increases in prices of materials, goods and services bought were Accommodation & Food Services (73.3%), Transport & Storage (63.4%) and Construction (60.4%).

In the latest period, the industry sectors with the highest proportion of businesses reporting increases in prices of materials, goods and services sold were Wholesale/Retail (37.8%) and Accommodation & Food Services (34.2%).

In Wave 65, businesses not permanently stopped trading were asked in which ways their business had been affected by any price rises they had experienced. Over three quarters of businesses not permanently stopped trading reported that they had been affected by general price increases in some way; the top three impacts reported by businesses were having to absorb costs (59.2%), passing on price increases to customers (38.2%) and having to change suppliers (19.8%).

Businesses were also asked if they had been affected by recent increases in energy prices.

Figure 4: In the period 5 September to 18 September 2022, over half (52.0%) of applicable businesses reported that they had been affected by the recent increase in energy prices in some way (suppliers and/or production were affected).

A bar chart showing that, in September 2022, 52.0% of applicable businesses reported that they had been affected by the recent increase in energy prices.

Source: Office for National Statistics – BICS – Weighted Scotland Estimates – Wave 65

The proportion of applicable businesses that reported they had been affected by the recent increase in energy prices in some way increased from 37.7% in the period 7 March to 20 March 2022 (Wave 52) to over half (52.0%) in the period 5 September to 18 September 2022 (Wave 65).

In Wave 65, businesses were asked what their expectations were for the prices of goods or services sold in October 2022, and the factors causing the businesses to consider raising prices.

Around one third (34.0%) of businesses not permanently stopped trading reported that they were expecting to increase prices in October 2022. The top three factors reported by businesses for these expected price increases were energy prices (52.5%), raw material prices (37.5%), and labour costs (36.6%).

Contact

For enquiries about this publication please contact:

Marina Curran

Business & Innovation Statistics

Office of the Chief Economic Adviser

e-mail: marina.curran@gov.scot or industrystatistics@gov.scot

 

For general enquiries about Scottish Government statistics please contact:

Office of the Chief Statistician

Telephone: 0131 244 0442

e-mail: statistics.enquiries@gov.scot

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