Responding to the latest inflation figures from the ONS, Alex Veitch, Director of Policy at the British Chambers of Commerce said:

“Businesses need price stability, so today’s news that inflation remained unchanged in January is welcome.

“However, firms consistently tell us inflation is their top concern. In our latest research 58% of firms citied it as a worry, though this has fallen in recent quarters from the highs we saw in 2022.

“The Bank of England has already warned that inflation is likely to remain volatile over the coming months because of global uncertainty. The Red Sea crisis is causing supply chain disruption and price rises for businesses.

“Next month’s budget is an opportunity for the Government to reassure and support businesses. Companies across the UK will be looking for a clear plan from the Chancellor that prioritises investment and skills.”