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

“The latest figures show a second consecutive easing in the rate of inflation to 10.5%. While the decrease is minimal, it does suggest that the peak has now passed.

“Inflation is still by far the top issue affecting businesses as evidenced in our quarterly economic surveys. The latest results show that three quarters of businesses in Wales have stated that inflation is a key concern for them, more so than it was three months ago.

“While inflation appears to have peaked, SMEs continue to face high costs from energy, interest rates, higher taxation and raw materials which makes investing for growth near impossible. It will take time for inflation to drop back to previous levels and businesses will need ample support while it remains so high.

“The scaling back of the energy support package for businesses means that firms will look to the Spring Budget for concrete action to create a more stable environment to invest and return to growth.”