BCC: Slowing producer prices will contribute to lower CPI inflation
09 Dec 2011
Annual producer inflation slowed to 5.4% for output prices and to 13.4% for input prices
Commenting on the producer price figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“The November figures show a further slowdown in the pace of inflation for both output and input producer prices. This will help to ease the squeeze on businesses and consumers and will reinforce the downward pressure on CPI inflation during 2012.
“These figures should reassure the MPC that it is right to persevere with expansionary monetary policy, and we hope to see a further increase in the QE programme early in the New Year.
“But this policy should be supplemented by other measures to support growth. The credit-easing programme announced by the Chancellor in the Autumn Statement must be implemented quickly, along with aggressive steps to reduce the burden of red tape on businesses.”
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