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SCOTTISH CHAMBERS OF COMMERCE COMMENT ON JULY 2012 INFLATION

[ 17-07-2012 ]

Scottish Chambers of Commerce Chief Executive Liz Cameron has commented on today’s inflation figures announcement: 
 
“Today’s announcement of a slight decrease in inflation represents good progress towards the Bank of England’s target inflation rate of 2 per cent.  
 
“In particular, the announcement that transport and fuel costs are falling is welcome news for many Scottish businesses.  Fuel costs have been creating significant pressure across all sectors – Chambers of Commerce members both large and small will welcome these easing.
 
“The general decrease in inflation also reflects falling food, clothing and footwear prices.  This will ease pressure on consumers’ disposable incomes which should help boost demand in the economy in general, and in the retail sector in particular.  Businesses in Scotland will welcome this as a counteraction of the issues with competitiveness that they are experiencing as a result of the strong position of the pound against the Euro.
 
“While easing inflation provides a boost for business, there is still more that the Government could be doing to support economic growth.  Its infrastructure investment is welcome.  But more can be done by the Government to boost confidence and put money into the economy, including ensuring that when it buys goods and services, its own procurement spend is used to support businesses and jobs locally.”

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