CBI responds to the latest inflation figures

Commenting on the latest inflation statistics, Alpesh Paleja, the CBI’s Lead Economist, said:

“These figures add to a growing body of evidence that the UK has passed peak inflation. Over the coming year, inflation should fall further towards single digits, as global price pressures ease and an economic downturn takes some of the heat out of price setting.

“Despite this, the cost-of-living crisis will continue to be a very real problem for both households and businesses, as price pressures remain high in the short-term. Against the backdrop of a recession firms will continue to face higher costs and weak demand conditions. If the government is going to solve these twin problems, then it needs to continue supporting measures like the Energy Bills Discount Scheme, while enacting a series of pro-growth measures to spur the economy.”