Paul Slevin, President of Chambers Wales South East, South West and Mid, said:

“The rise in inflation to 9.4% in June is another record high and the ninth monthly increase in a row. Businesses and households across Wales and the UK have had to contend with cost pressures on a regular basis this year, with further price hikes to energy bills to come.

“69.51% of businesses in Wales are concerned about inflation, and, as a result of inflation and other cost pressures across the board, almost two thirds of businesses expect to raise their own prices in the next quarter and investment is likely to remain the same or decrease.

“Despite current political upheaval, action can still be taken on the economy to ease the impact on businesses, and in particular, SMEs.”