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UKHospitality
March, 22 2024
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U.K. Inflation Falls to Lowest Level in over Two Years
In the year to February 2024, inflation stood at 3.4%, according to the Office for National Statistics. This is down 0.6%, compared to January.
The inflation rate which thinks about real estate expenses was 3.8% in the year to February 2024, below 4.2% in January.
Kate Nicholls, Chief Executive of UKHospitality, stated: “Inflation being up to its most affordable level in practically 2 and a half years is a considerable turning point and I’m confident this pattern will continue.
“We need to not forget that this still indicates costs are continuing to increase, albeit more gradually, and hospitality companies continue to deal with the impact of those rate increases.
“Yet more expenses are being overdone in simply under 2 weeks when both labour expenses and organization rates increase substantially.
“It’s frustrating that the Government is continuing with an above-inflation boost in service rates and this, integrated with wage boosts, will stack the pressure on companies, who are attempting to keep a cover on cost boosts for consumers.
“I hope this drop in inflation will offer an increase in customer self-confidence and likewise trigger more financial excellent news, especially through a cut in rates of interest.”