Inflation holds steady for September, with eyes fixed for November budget – Chamber
Inflation in the UK held steady at 3.8 per cent in the year to September, according to the Office for National Statistics (ONS).
Business leaders in Greater Birmingham have welcomed the announcement with cautious optimism, with eyes set on the upcoming Autumn budget.
According to the ONS, some of the largest increases in the past 12 months were in housing and household services at 7.3 per cent and the education sector which saw a rise of 7.2 per cent.
Alcohol and tobacco were 5.8 per cent more expensive than a year ago in September, followed by costs in the communication industries rising by 4.7 per cent.
Food and non-alcoholic goods rose at 4.5 per cent and the year to September saw the costs in the restaurant and hotels sector rise by 3.9 per cent.
Transport costs saw a 3.8 per cent increase, matching the CPI average, whereas clothing and footwear rose by just 0.5 per cent and furniture and household goods 0.4 per cent.
Commenting on the figures, Greater Birmingham Chambers of Commerce policy and research analyst, Paige Bowyer (pictured) said: “Many were expecting an uptick in inflation in September, with rising concerns about inflation becoming one of the leading issues for Greater Birmingham firms in Q3.
“Whilst it has held at 3.8 per cent, increased employment costs, including the National Insurance rise introduced in April, are continuing to add strain at a time when many firms simply cannot absorb any more.
“The upcoming Autumn Budget will be pivotal in determining whether businesses receive the support they need to invest and grow.”
