WNY Chamber responds to rise in inflation

West & North Yorkshire Chamber of Commerce today warns that investment decisions are increasingly under threat following the news that inflation has risen to 2.6 per cent.

Having fallen considerably since the generational highs seen in late 2022, inflation has been slowly tracking upwards during the last few months and is now still ahead of the Government’s base target of two per cent.

Mark Casci, head of policy and representation at West & North Yorkshire Chamber of Commerce, said: “Despite the decline from the sky-high rates of inflation seen in the past 18 months, it remains a core external cost issue for many businesses.

“Prices for both businesses and consumers are simply not coming down and this is reflected in the increase in inflation to 2.6 per cent.

“Our research consistently shows that inflation and tax are the principal concerns for employers and today’s news will not have ameliorated these fears.

“Our challenge to Government now is to create a climate in which businesses are given the confidence to invest and innovate, rather than be in a defensive crouch in the face of constant challenge.”

David Bharier, Head of Research at the British Chambers of Commerce, said: “Our latest forecast expects CPI to remain above the Bank of England’s target until the end of 2026, mainly due to increased business costs and global trade uncertainty. 

“Business investment will remain challenging unless firms are given extra help to deal with rising costs. Pushing forward with business rate reform would be one crucial step to take, coupled with a clear industrial strategy to unlock growth.”