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SCC COMMENT ON INFLATION FIGURES

[ 13-09-2011 ]

Commenting on the news that inflation edged up to 4.5% in August, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

 
“We fully expect inflation to increase this autumn before falling back next year and this latest rise in inflation must be seen in that context.  Energy costs continue to be a significant factor in terms of inflation and recently announced price rises will begin to bite in October.  Coupled with the continuing effect of the VAT rise on the figures, this all backs up the Bank of England’s assessment that inflation is a temporary problem.
 
“The difficulty for business is that these rising energy costs and high raw material prices are pressuring profit margins, with limited prospects that costs can be passed on to customers.  This is another reason why the Bank of England ought to maintain a low interest rate policy for some time to come.”

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