Chamber responds to slight decline in inflation

West & North Yorkshire Chamber of Commerce today reacts to the slight decline in inflation seen during December.

The Office for National Statistics showed that inflation fell from 2.6 per cent in November to 2.5 per cent in December. It remains ahead of the Bank of England’s target of two per cent.

Mark Casci, head of representation and policy at the Chamber, said: “The decline in the rate of inflation published today by the ONS is of course welcome.

“Inflation remains a core cost pressure for our members who have been dealing with sky high overheads for more than two years.

“However, we are still far from a situation where businesses are feeling confident.

“Our latest Quarterly Economic Survey shows that employers are forecasting higher prices going forward into 2025, with any plans for investment or increasing headcounts having been shelved owing to soaring taxation rates and labour costs.

“The Government must pledge and enact measures that stabilise conditions for businesses, rather than put them under increasing pressure.”