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ZERO INFLATION STILL MORE OF AN OPPORTUNITY THAN A RISK

[ 14-04-2015 ]

Commenting on the release of official data which shows that inflation remained at 0.0% in March, Liz Cameron, Director and Chief Executive of Scottish Chambers of Commerce, said:

 

“Prices have again remained stable and, on balance, this remains good news for the Scottish economy.  Zero inflation provides an opportunity for both growth in real earnings and targeted investment, each of which are essential components to building sustainable economic growth.

 

“Falling gas prices remains one of the strongest downward pressures on prices and this should filter through to lower utility costs and overheads for many businesses, whilst upward pressures seem extremely subdued at present.

 

“Once again, this eases pressure on the Bank of England to raise interest rates in the short term and, with the Government’s inflation target remaining at 2%, it now looks very unlikely that we will see a rate rise before 2016.  In the light of these developments, it may be time for the Bank of England to revisit its forward guidance policy in order to provide greater certainty that we will not see an interest rate increase before the year’s end.”

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