Analysts are warning the UK should prepare for retail prices to increase by roughly 5% across the board in 2017.

The news follows announcements from various notable figures within the retail sector, including Next boss Lord Wolfson, BRC CEO Helen Dickson and KPMG’s Advisory Lead Partner Andrew Underwood, who have all warned that rising cost prices would force retail price rises “across the board”. 

Predicted to hit the shelves as soon as January, the rise in prices will cost consumers around £15 billion per year and is “something consumers will have to get used to”.

“Suppliers operating in dollars or euros have had a 15% rise in their costs as a result of the referendum and more recently because of the lack of any plan following that,” said Sentinel retail consultant David Sables.

The chief executive officer of the British Retail Consortium, Helen Dickinson, has made the following statement in reaction to the "inflationary pressure in the supply chain" as a result of the pound's devaluation.

"Retailers are firmly on the side of consumers in negotiating with suppliers and improving efficiencies in the supply chain to control the inflationary pressure that is building through the devaluation of the pound.