WNYChamber reacts to latest inflation data

Responding to the latest inflation data, published by the ONS this morning, Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: 

“A decline in the headline rate of inflation will be welcome to business leaders. However, there is concern that this is merely the calm before the storm over the months ahead.  

“Today’s data looks at the situation for March and excludes the impact of the minimum wage hike and national insurance rises, twin hammer blows for businesses, many of whom are already putting up their prices as they battle with rising employment costs.   

“Our latest Quarterly Economic Survey shows inflation to be a chief concern among businesses and this news means the Bank of England is likely to remain cautious over more interest rate cuts – just when firms are keen for some financial respite.  

“Businesses desperately need a reassurance from policymakers. We need business rate and national insurance pressures to ease and for infrastructure and exports to be prioritised.”