WIREDGOV

The CBI has responded to the latest CPI inflation figures, which rose from 1.8% in January to 2.3% in February.

Anna Leach, Head of Economic Intelligence, said:

“While inflation has risen above the Bank of England’s 2% target, it is still relatively low by historical comparison. Nonetheless, inflation is likely to rise further still, on the back of stronger fuel prices and as the impact of the weaker exchange rate feeds through.

“Also, other price data indicates rising costs for businesses, with input prices up 19% on the year.

“Addressing regional disparities in productivity performance and delivering a targeted, meaningful industrial strategy will deliver the competitiveness boost needed to help businesses succeed in the global marketplace.”