Fall in inflation 'pleasing' - but major challenges ahead for businesses, says West Midlands chamber of commerce
A West Midlands chamber of commerce has called for a "clear plan" on reducing cost pressures for small businesses, despite a drop in inflation announced today.
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The rate of inflation fell to 2.6 per cent, down from a rate of 2.8 per cent in February, according to data released by the Office for National Statistics (ONS).
The drop in the rate of price rises was driven by falling prices at the petrol pumps, along with a marked drop in the rate for recreation and culture activities, with with toys, games, and hobbies rising by 2.4 per cent in the 12 months to March 2025, down from 3.4 per cent in the 12 months to February.
However, analysts say rates may rise again in April on the back of hikes in gas prices, electricity prices, and water charges - while businesses are experiencing higher employment costs due to increases in National Insurance contibutions and national minimum wage rates which kicked in at the beginning of the month.
