Microsoft Corporation (NASDAQ:MSFT) plans to increase prices of its enterprise software and cloud products in the U.K as from January 1, 2017 so as to adjust for weakening of pound in the wake of Britain’s exit from the European Union. In light of this the price of enterprise software will rise by a whopping 13% while cloud services will hike to 22%, this price hike will however not affect consumer software or cloud products, the company said through its blog

The pound has experienced a rapid plunge since the Brixit vote, which has caused a ripple effect in the Technology space for consumers in the UK. The hike comes near one month after iPhone customers learnt that they would be paying 16% more for the new iPhone, which is a huge increase as opposed to buyers in countries like US or Germany.

Recently Britain’s largest supermarket chain, Tesco haggled over prices with suppler Unilever, which led to numerous products being pulled from the shelves as Unilever it tried to increase most goods by 10% due to high import costs and save its profit margins

Swiss maker of Kit Kat and Nescafe coffee, Nestle (NESN.S) stated that it too was seeking options to deal with the decline in currency value.

The Bank of England said it expected inflation to rise steadily but inflation has since increased to 1% annually in September, the highest in the last two years and analysts predict higher inflation rates as the situation unfolds.

The Brixit vote bite further as investors begin to speculate the exit of banks raising alarm as financial services pay close to 60 billion pounds ($73 billion) in tax each year. The pound has declined 18% since the vote in June to leave the European Union against the U.S Dollar.

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A spokeswoman for the British Cabinet Office stated that they were aware of proposed price changes for a specific supplier and will work closely with the supplier to mitigate any increases in price.