CBI responds to latest inflation figures

19 Jul 2023 03:43 PM

CBI yesterday responded to latest inflation figures.

Martin Sartorius, CBI Principal Economist, yesterday said:

"Inflation fell more sharply than expected in June, which will enable Bank of England policymakers to breathe a sigh of relief following last month’s upside surprise.

"However, CBI survey data continue to point to persistence in domestically-driven price pressures, particularly in the services sector, and many businesses report that the labour market remains very tight.

"It’s still likely that the Bank will raise rates higher in their next meeting and keep a tighter policy stance going forward to ensure inflation continues to head sustainably back towards its target.”