Lancashire businesses have been given an extra headache with the latest hike in inflation.
The higher-than-expected jump to 3% in the year to January, from 2.5% in December, means that consumer prices rose at the fastest rate for 10 months.
Stuart Morrison, Research Manager at the British Chambers of Commerce said: “Today’s data underlines the inflationary pressures in the economy right now and the real challenges businesses are facing.
“Firms are having to deal with significant cost burdens which threaten to fuel inflation further. Within weeks they’ll be facing the hikes in national insurance contributions and the minimum wage.
“The inflation landscape, coupled with ongoing global risks and the looming threat of US tariffs, is likely to give the Bank of England more food for thought, as it charts a cautionary path to further interest rate cuts.
“Businesses are crying out for cost-pressures to be eased so that they can invest, recruit and trade – driving forward the economic growth we all want to see.”
