The British Independent Retailers Association (Bira) has said it is ‘hopeful’ to see consumer confidence rising, following the announcement that UK inflation has fallen to its lowest level for almost two and a half years.
Bira, which works with more than 6,000 independent businesses of all sizes across the UK, commented on the news that UK inflation has fallen to 3.4%.
The Office for National Statistics said that the slower pace of food price rises helped push down inflation, along with soft drinks, restaurants and hotels. The effect has also partially been offset by petrol prices and rental prices.
Bira CEO Andrew Goodacre commented: “It is good to see inflation falling, and hopefully the decline will have a positive impact on consumer confidence. This confidence would be further enhanced if the Bank of England now did the right thing and started to reduce interest rates, especially as energy prices – a factor in inflation – will fall again in April.”
