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News & Blog

Read the latest business news, blogs and thought leadership articles from our members, as well as updates on the Edinburgh Chamber of Commerce's work in the city.

News & Blog

Return To Positive Inflation but Steady Hand Needed on Interest Rates

Posted: 16th June 2015

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.”

Business Comment

Business Comment is the Edinburgh Chamber of Commerce’s bi-monthly magazine. It provides insight on Edinburgh’s vibrant business community, with features on the city’s key sectors, interviews with leading figures and news on new business developments in the capital.
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