UK inflation is now at 3.4% having fallen to its lowest level in over two years. The latest figures for February from the Office for National Statistics (ONS) are lower than experts predicted. The January inflation figure was 4%.
East Midlands Chamber Chief Executive Scott Knowles said: “In our latest Quarterly Economic Survey, published this week, the majority of respondents from businesses across the East Midlands reported inflation as their biggest concern, so to see better-than-expected inflation figures land is very much welcome. Price pressure on businesses is still very much present, so any easing of that is a good step forward. 56% of respondents in the Quarterly Economic Survey said they didn’t expect to raise prices in the next three months but they did see inflation as top of their mind.
“With inflation falling at a faster-than-expected rate, we need to see the Bank of England respond in kind and start reducing interest rates to support greater economic growth. Government also needs to ensure it is playing its part in our growth story by acting on other barriers to business success. Our Manifesto for Growth 2024 addresses these things with asks that are doable, that can solve so much for the East Midlands. That’s why we took the manifesto right to the heart of government in Westminster last week and if these things are put right, along with things like inflation falling then the East Midlands will be in a strong place.”