15 November 2016
Commenting on today’s fall in inflation from 1.0% to 0.9%, Scottish Chambers of Commerce (SCC) have warned that higher costs are still likely to feed through into retail over the next few months. Liz Cameron, Chief Executive of SCC, said:
“The unexpected fall in the rate of inflation may be some respite for Christmas shoppers but retailers are telling us that they still expect the low value of the pound to translate into higher shop prices, particularly when the new season stock arrives.
“Whilst the Bank of England is expecting inflation to peak at less than 3%, the key will be the differential between prices and wage increases and what with might mean for consumer demand – a key factor in growing Scotland’s economy.
“That is why Chambers of Commerce will be looking for clear pro-business measures from the UK and Scottish Governments in the forthcoming UK Autumn Statement and Scottish Budget. Our Governments need to invest in skills and connectivity, whilst tackling the high cost of Business Rates, to promote growth and support hard working businesses.”