A new government regulation aimed at keeping wine prices low has seen the average price of a bottle of red wine rise by about 5% in the first week of the new year.
The price increase was reported by the Wine Bottle Price Monitor, a website set up by the state of Bordeau to monitor the prices of wines and spirits.
In total, there were 5,898 bottles sold on the website.
Wine prices were expected to rise by 6.5% on January 1.
Bordeaux had already instituted a 10% duty on all wine sold in the region and the Bordean government had announced that it would also raise taxes on the sector by 2% from January 1, 2016.
However, the price increase on the new wine monitor website will likely push the wine price even higher.
Last year, the B&rk Wine Prices Monitor estimated that wine prices had risen by 6%.
“The new regulation will have a significant impact on the wine market,” said Léonie Poulin, the Wine Price Monitor’s director of communications.
“If prices rise as expected, it will lead to a steep rise in prices for other products in the wine industry, especially for wines and spirit.”
The B&am Wine Prices monitor was established by the government in 2016 and is funded by a €15 million investment from the state.
On January 1st, B&ad will also impose a 10-percent duty on wine sold outside of B&apart.
B&?d’s wine prices will rise by 7.5%.
The Wine Bottle Monitor has previously reported that the average cost of a glass of wine was €1,099 in 2016, up from €1.19 in 2015.
According to data from Wine Monitor, the average retail price of wines sold in Bordeas retail sector was €8,000 in 2016.