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Pernod raised prices in UK in March due to Brexit

Jameson owner Pernod Ricard said it raised prices this month due to a depreciating pound
Jameson owner Pernod Ricard said it raised prices this month due to a depreciating pound

Pernod Ricard raised the prices of its spirits in Britain in March to protect margins against a slide in the pound stemming from the country's vote to leave the European Union.

This is according to the company ahead of an analyst call today. 

Pernod, the world's second-biggest spirits group behind Diageo and the owners of Irish Distillers, did not detail the scope of the price hikes. 

The company is hosting a call on its European, Middle Eastern, Africa and Latin American businesses later in the day. 

"Brexit is leading to a strong pound depreciation, with inflation expected higher as a reaction. In that context, Pernod Ricard increased prices in March," slides ahead of the presentation said. 

Pernod had previously reported that sales in Britain rose 7% in the first half of its 2016-2017 fiscal year, as a 9% rise in international spirits sales and a 6% rise in wines more than offset a decline in champagne sales.