Drinkers are likely to see the prices of their favourite wines 'skyrocket' by at least 10 per cent in the New Year due to wet weather and rising bottle costs, makers have warned.
Suppliers have been hit by increased costs of labels, bottles and other packaging, while transportation prices are also on the rise due to spiralling inflation, according to industry sources.
The cost of wine itself is also increasing as many countries are suffering poor crops due to extreme weather conditions, including torrential downpours and wildfires.
Suppliers are deliberately holding back from increasing wine prices until after the busy Christmas and New Year period has passed in a bid to remain competitive with their rivals.
But by next year, wine drinkers are likely to see prices 'skyrocket' with conservative estimates predicting a 'double digit' price rise, though wines from countries suffering the most could see costs soar even higher.
Wine suppliers have been hit by increased costs of labels, bottles and other packaging, while transportation prices are also on the rise, according to industry sources (stock image)
One supplier told The Grocer: 'We have been absorbing everything in terms of cost increases. We haven't been passing that on.
'But from 1 January you're going to see big changes. I think price increases will be advised over the next four to six weeks and you're going to see that translating to changes in retail pricing from the beginning of next year.
'Glass is going up. Labels are going up. The inflation at the moment is just frightening.'
He added that retailers 'have not allowed price increases through because they've said the consumer will not accept a higher retail price point'.
Prosecco producers in Italy and New Zealand's sauvignon blanc have both suffered poor crops due to wet weather.
Australia, America and southern Europe have also seen wildfires destroyed vineyards, while northern hemisphere producers have suffered from late frosts hitting yields.
Suppliers are deliberately holding back from increasing wine prices until after Christmas and New Year, but experts have predicted a double digit' price rise next year (stock image)
On top of these pressures, the industry is also being clobbered by lorry driver shortages, rising fuel prices and supply chain pressures, hiking up wine's transportation costs.
The cost of making bottles and labels are on the rise for similar reasons, while almost every other aspect from picking to processing to supplying have been affected.
Miles Beale, CEO of the Wine & Spirit Association said trade body members had been 'buying stock forward, trying to keep price inflation from coming through to the consumer in the short
