Brexit has already had a fair few sobering consequences – and it hasn’t even happened yet. But the latest has got to be pretty high on the ever-growing list. The price of a bottle of wine has reached an all-time high and looks set to carry on rising, according to industry trade body the Wine and Spirit Trade Association (WSTA).
The average 75cl bottle in the UK now costs £5.56, with the price having risen more between January and March of this year than in the past two years, reported The Guardian. It hit £5.50 for the first time at the end of last year.
What’s more, the price of our favourite post-work relaxant looks sets to rise further. “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,” said Miles Beale, chief executive of the WSTA.
No prizes for guessing the culprit, either. The weak pound, caused by the shock result of the EU referendum, has led to a rise in the cost of imported goods, making many of our favourite food, drink and other items cost more.
The pound’s value has dropped by 11% against the euro since last June and the vast majority of all wine sold in the UK is imported – a heady cocktail of factors that could make it far less appealing to crack open that second bottle at dinner.
But that's not all. The 3.9% rise in alcohol duty, which the chancellor announced in the spring budget and came into force on 13th March, adds another 8p to the average bottle if wine retailers opt to pass on the cost in full, The Guardian reported.
And, we're sorry to have to break the news, but the cost of Champagne and Prosecco looks set to soar by even more. An average-priced bottle of Champagne could rise by up to £1 per bottle, while a bottle of Prosecco could get 59p more expensive, the WSTA predicted in February. With so little good news at the moment, there's very little need to toast anyway.