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.
Read more here