Chamber reacts to first inflation rise of year

A spokesman for the East Midlands Chamber has given his reaction to the first inflation rise since 2023.

Now at 2.2%, the figure published by the Office for National Statistics follows two months where inflation stood static at 2%.

Chief Executive Scott Knowles said: “While some reassurance can be taken from the fact inflation didn’t climb quite to the level forecast by many economists, moving from two months flat at 2% to 2.2% will add to unease as businesses try to resist the pressure to raise prices.

“Two thirds of respondents in our Quarterly Economic Survey for the East Midlands said they expected to hold their prices at the same level over the next three months, so we’ve seen some encouraging economic indications in recent months, but this increase is a distinct reminder that the cost of doing business remains a challenge.”