Commenting on the release of official data which shows that inflation rose slightly to a rate of 0.1% in May 2015, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

“Inflation remains at very low levels but is now no longer in a deflationary position. Fuel prices have begun to rise at the pumps contributing to a 0.6% increase in transport prices between April and May but although the price of oil has risen since the beginning of the year, it remains 40% below where it was this time last year.

“We would fully expect inflation to begin its journey back towards the UK Government’s 2% target as the year goes on and as elements such as the differential between this year’s and last year’s oil prices continue to become less of a factor. Nonetheless the Bank of England must maintain a steady hand on interest rates and keep these at their historic low at least for the time being.”