Primark owner expects £2bn inflation hit amid weak consumer backdrop

ABF warns of challenging' market but no further price rises planned for coming months at Primark

Primark's owner is expecting to take a combined hit from inflation of 2bn this year and next as it warned a weak consumer backdrop would also pose a challenge in the coming months.

Associated British Foods said it had encountered the most challenging economic conditions for many years with sharply rising and broadly based inflation", with prices at Primark up by about 8% for autumn .