The pressure on households from the rising cost of living did not ease last month, new figures revealed, as inflation remained higher than expected., the same level as in April, despite experts forecasting a fall to 8.4 per cent.
Reflecting on the impact on business, Ruth Ross, Shropshire Chamber of Commerce’s chief executive, said: “Concerns over recruitment and skills have consistently been top of the agenda for Shropshire businesses in recent months, but after 18 months of price shocks, the impact of sustained inflation is of growing concern.
“Research shows that fewer firms expect their own prices to rise, so the hope is that energy and commodity costs may fall away as drivers of consumer inflation.” "It means that higher lending interest rates are likely to remain with us for the foreseeable future, as will the relentless squeeze on spending and confidence," he said.
Paul Butterworth, CEO, at Chambers Wales South East, South West and Mid, added:"This sustained high inflation continues to hurt the Welsh economy and Welsh businesses.