East Midlands Chamber reacts positively to slowing inflation

The East Midlands Chamber has collectively welcomed the latest Consumer Price Inflation (CPI) figure of 2.3%.  The latest estimated data published by the Office for National Statistics for the 12 months until April this year is down from 3.2% in March.

Spokesman, Head of Special Projects Richard Blackmore said: “2.3% Consumer Price Inflation is encouraging news and suggests an interest rate cut isn’t too far away on the horizon.  With gas and energy prices dropping, inflation is rising at a slower rate than previously. That should give comfort to business, but also reiterates the need for the Bank of England to cut interest.

“In our Quarterly Economic Survey which tracks the outlook and experiences of businesses in the East Midlands, 45% of respondents expected profitability to increase over the next 12 months, while 59% anticipated a lift in turnover.

“While the latest figures give some confidence, businesses still face the burden of high costs and I would urge the government to act on the asks outlined our Manifesto for Growth 2024, showing the key areas where investment and reform are needed to boost the East Midlands economy.”