Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:
“It is encouraging to see such a significant fall in inflation to 4.6%, the lowest level it has been in two years. This means that the government’s pledge to halve inflation by the end of the year has been met but there is still some way to go to reach the long-term target of 2%. Prices for consumers are still high, and a reluctance to spend will continue to impact businesses.
“Despite ongoing challenges, businesses in Wales will welcome today’s news as 62% were concerned about inflation rates in Q3 according to our recent Quarterly Economic Survey. The 54% of Welsh businesses concerned about interest rates will now be hoping that this drop in inflation could lead to a step change in decision-making in the future.
“Firms will now be looking to next week’s Autumn Statement for a clear strategy for long-term growth and actions which will help boost investment.”
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