SCC Comment on Inflation

Commenting on the latest UK inflation figures, Liz Cameron, Director & Chief Executive, Scottish Chambers of Commerce, said:

“The higher than expected inflation rate will now prompt a letter from Bank of England Governor Mark Carney to the Chancellor, to explain why inflation has strayed more than 1% away from its 2% target, and what the Bank will do about it.

“The squeeze on household incomes is expected to continue and tighten with inflation at 3.1%. Air fares were the biggest factor behind the jump, with recreational and cultural goods and services, such as computer games, pushing up prices.

“These figures come at a crucial time for business and with the Scottish budget to be presented on Thursday, business is looking for measures that will prioritise growth including investment in digital infrastructure and continued investment to boost exports.”