Inflation remains a real concern for business

West & North Yorkshire Chamber of Commerce has today welcomed the news that inflation remained unchanged during January.

Although inflation has declined in recent months, businesses in our region still class it among their chief external pressures, with our last Quarterly Economic Survey showing manufacturers in particular to be troubled by the issue.

Mark Casci, head of policy and representation at West & North Yorkshire Chamber, said: “The figures for January are to be welcomed. Businesses have faced a relentless series of challenges in recent years.

“However, one swallow does not a summer make and with volatility in the Middle East disrupting the flow of goods around the world, there are still cause for concerns.

“Companies will look to next month’s Budget for measures to make trading simpler.”

Alex Veitch, Director of Policy at the British Chambers of Commerce said: “Businesses need price stability, so today’s news that inflation remained unchanged in January is welcome.

“However, firms consistently tell us inflation is their top concern. In our latest research 58% of firms citied it as a worry, though this has fallen in recent quarters from the highs we saw in 2022.

“The Bank of England has already warned that inflation is likely to remain volatile over the coming months because of global uncertainty. The Red Sea crisis is causing supply chain disruption and price rises for businesses.

“Next month’s budget is an opportunity for the Government to reassure and support businesses. Companies across the UK will be looking for a clear plan from the Chancellor that prioritises investment and skills.”

Let the Chamber know how your business is performing, to inform and influence economic decisions locally and nationally. Take the Quarterly Economic Survey for Q1 2024

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