New figures from the Office for National Statistics show that annual CPI inflation was down from 3.0 per cent in April to 2.8 per cent in May, while annual RPI inflation decreased from 3.5 per cent in April to 3.1 per cent in May.
Commenting on the data, David Kern, chief economist at the BCC, said the large decline in the May inflation figures is "good news".
"If current trends continue, the squeeze felt by many businesses and consumers will begin to ease," he explained.
The expert added that the government now needs to ensure that the measures to improve liquidity and lending to businesses announced last week are implemented effectively and "without delay".
"The government should go further and consider introducing a state-backed business bank to facilitate access to finance for new and growing companies. Deregulation and investment in infrastructure must also be key ingredients of a long-term growth strategy," Mr Kern explained.
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Posted by John Oak and Wayne Bly
Source: The Sales Director News