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News & Blog

SCC Comment on Inflation Figures

Posted: 13th September 2017

Commenting on the latest UK inflation figures showing CPI increasing from 2.6% to 2.9%, Liz Cameron, Chief Executive, Scottish Chambers of Commerce, said:

“These latest figures which show that inflation has increased can be largely attributed to the rising price of clothing and footwear, with the import-intensive nature of the industry and the exchange rate pressure which arises through the supply chain, driving the increase.

“Additionally, prices at the factory gate are increasing and with CPI inflation continuing to outpace pay increases, this will raise some concerns for businesses when it comes to the availability of consumer spending. We are hearing early signs from members, although not widespread, of increasing costs being passed down the supply chain and potentially to the end consumer.

“With this in mind, and with only modest GDP growth, the Bank of England should hold steady on raising interest rates.”

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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