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Scottish Chambers of Commerce comment on Inflation Rates Increase

The latest UK inflation figures show that CPI has increased from 2.9% in to 3.0% in September 2017. 

This is the highest reading since April 2012.  As with the August rise, the figures show continued pressure on households.  Food and non-alcoholic beverages have seen rises to the highest rate since October 2013.  Furthermore, discretionary spending is likely to be hit by the significant rise in the recreation and culture segment, which has hit its highest level in seven years.

Discussing the rise, Liz Cameron, CEO, Scottish Chambers of Commerce said:

“The figures today continue to highlight the divergence between cost of living and real wages which characterises the fragility of the UK economy.  Speculation continues to increase around the prospect of an interest rates rise in November, yet the inflation figures emphasise the uncertainty this would cause to both Scottish business and the UK economy as a whole.

“In the current climate, while real wages are falling, the MPC should continue to hold steady on interest rates.

“It is critical that the measures provided in the Chancellor’s upcoming Autumn Budget are clearly designed to boost business confidence and increase investment.  Ensuring a stable environment for business growth will contribute to rising wages, and a subsequent rise in consumer confidence.”