Next says price rises will be less than expected this year

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High Street retailer Next has said it will put up its prices by less than expected this year.

In January, the chain warned of an 8% price hike this spring and summer, and a further 6% increase this autumn.

But on Wednesday it said price rises in the second half of 2023 would be less steep than previously thought due to falling shipping and production costs.

It came as the retailer reported a big rise in sales and profits for the year to January.

On Tuesday, the retailer also announced it would buy the Cath Kidston fashion brand for £8.5m, but not its shops.

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