The latest figures from the Office for National Statistics (ONS) released this week show the consumer price index (CPI) rate of 8.7%, indicating that after several false starts, the peak in inflation looks to have passed. This is further evidenced by a significant slowdown in the producer price input rate to 3.9%. It was falls in gas and electricity costs that provided the largest downward contribution to the CPI.
However, lets not get carried away that the problems caused by inflation will suddenly vanish. Prices continue to rise from an already high base, after 18 months of price shocks. Just look at the way food prices continue to soar week on week.
The last 18 months has had a devastating impact on many small firms who were just starting to see activity bounce back following the removal of Covid restrictions.
With the interest rate currently at 4.5%, widespread skills shortages, and trade frictions on the rise, the cost of doing business is the highest in years.
Action by the Government to help with the squeeze on the labour supply, reform of business rates and support on exports would go some way to helping business face the future with more confidence.
We will be continuing to put pressure on the Government to act. In the meantime, if you have any specific issues you would like to raise please contact Declan Riddell: declan.ridell@staffordshirechambers.co.uk
You can view the full ONS report here: Inflation and price indices – Office for National Statistics (ons.gov.uk)
You can also add weight to our argument by completing our latest quarterly economic survey (QES) which gives a snapshot of how business is faring in relation to sales, investment, staff recruitment and training etc.
Results of our QES feed directly into the British Chambers of Commerce (BCC) QES which is then discussed at the highest level with Government ministers and the Bank of England.
It takes about five minutes to fill out the QES. Thank you in advance: https://forms.office.com/e/UP2HAthvfg
Save the date and book your stand now – Let’s do Business 2023
Staffordshire’s largest business expo, Let’s do Business returns this year on 12th October at Uttoxeter Racecourse.
With over exhibitors and 1000 visitors on the day it is a great way to showcase your business, make new contacts and catch up with existing ones as well being inspired by our keynote speakers.
This year we are featuring speakers and thought-provoking panel discussions with some of the world’s most renowned experts in the field of AI and data revolution.
The event will also feature an interactive gaming lounge where you can connect with fellow attendees, network and have some fun with a suite of VR and games provided by industry-leading businesses based right here in Staffordshire.
Exhibition stands cost just £249 +vat for members and they are selling fast. Its free to attend as a day visitor but you need to book.
All the information you need can be found here: Let’s Do Business – Staffordshire Chambers
If you want to talk to us about any business issues, including funding, you can call our switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: info@staffordshirechambers.co.uk
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