THE parent company of Scotch whisky giant Chivas Brothers is raising the price of its spirits to protect profit margins against the fall in the value of sterling since the Brexit vote.

Pernod Ricard is the latest multi-national food and drink business to increase prices since the vote to leave the European Union increased pressure on businesses importing commodities to the UK.

The scale of the price hikes has not yet been revealed but ahead of a call with analysts from global markets, Reuters reported that slides said: “Brexit is leading to a strong pound depreciation, with inflation expected higher as a reaction. In that context, Pernod Ricard increased prices in March.”

As the two-year process to leave the EU began, the pound remained around 16 per cent lower against the dollar than before the vote.