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London – Distiller Pernod Ricard SA, whose brands include Absolut vodka and Martell cognac, is raising prices on its spirits and wines in the UK.

This is to offset the depreciation of the pound after Britons voted to leave the EU.

Prices were increased this month by an unspecified amount as inflation is expected to accelerate, according to slides prepared for an investor presentation by Christian Porta, who manages Pernod Ricard’s business in Europe, the Middle East, Africa and Latin America.

The increases, disclosed yesterday as Prime Minister Theresa May moved to trigger formal Brexit negotiations, underline inflationary pressure in the UK economy.

Prices in the UK rose 2.3 percent last month the Bank of England said last week, increasing at a more rapid clip than the bank’s target.