UK inflation has risen to its highest rate for six months.

The inflation rate, which measures price changes over time, rose by more than expected to 2.3% in the year to October, up from 1.7% in September.

Reacting to the latest data from the Office for National Statistics David Bharier, Head of Research at the Britich Chambers of Commerce, said: “While inflation is down considerably from this time last year, the larger than expected uptick in October highlights the continuing price pressures in the economy. Electricity and gas costs have risen sharply, with households facing challenges as we head into winter. 

“Our research shows that while concerns about inflation have been steadily declining, it remains a significant issue for many businesses. SMEs are now deeply concerned about rising costs on the horizon next year.

"The combined impact of national insurance and living wage rises, and the Employment Rights Bill is likely to put strong pressure on labour costs. Ongoing geopolitical conflicts and a potential tariff war will also have impacts. 

“To help mitigate cost pressures, the government should look to accelerate the permanent cuts in business rates for retail, hospitality and leisure properties – currently scheduled for 2026. Much also depends on the government’s strategies on industry, infrastructure and trade. We need these plans to deliver at pace and help drive forward business growth across the UK.” 

Are you worried about rising inflation or any other aspects of economic pressure? Make sure you share your views with Shropshire Chamber through our quarterly economic survey. 

We are part of the largest and most respected quarterly business intelligence survey in the country, the QES. The British Chambers (BCC) ask us to gather the business sentiment in Shropshire & Telford, to feed this into this prestigious national survey.

The results are used by multiple Government departments as well as the Bank of England to understand the business climate. Your voice, and every business voice matters. The louder we shout the greater the impact we can have. 

Please spare a few minutes of your time to answer a few questions. The survey is anonymous and you can skip parts that aren't relevant to you. Shropshire & Telford need to shout loud to be heard over the urban noise all around, so please TAKE PART TODAY!