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14th February 2024

Inflation remains at 4%

The ONS has released the latest inflation data, revealing that inflation has remained level at 4% for another month.

Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:

“Chambers Wales South East, South West and Mid welcomes the news that inflation remains steady; business needs price stability to plan and resource.

“However, firms consistently tell us inflation is their main concern. 52% of businesses in Wales stated that inflation was more of a concern in Q4 of 2023 compared to the previous three months in our Quarterly Economic Survey. Likewise, in the British Chamber of Commerce’s latest Quarterly Economic Survey research, 58% of UK firms cited 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 with the Red Sea crisis 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 Wales and the UK will be looking for a clear plan from the Chancellor that prioritises investment and skills.”

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.”

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