Small businesses received a welcome boost this week as the Office for National Statistics (ONS) revealed that UK inflation had fallen to its lowest percentage in four years.
According to the ONS, the UK’s Consumer Price Index (CPI) rate dropped to 1.7 per cent in February. Meanwhile, inflation measured by the Retail Price Index (RPI) fell to 2.7 per cent in the year ending February 2014, down 0.1 per cent from January.
Lower fuel prices have been cited as a critical reason for the UK enjoying its lowest rate of inflation in four years; average petrol prices fell by 0.8p a litre between January and February, compared with a rise of 4p a year ago. Diesel prices also dropped by 0.8p a litre in the same period whereas they went up by 3.7p 12 months ago.
It is the second consecutive month that the rate of inflation has been below the Bank of England’s target of two per cent. In another piece of good news, the ONS also said that average total earning rose by 1.4 per cent in the three months to January.
The closing gap between the increase in inflation and increase in earnings is good news for the UK’s small businesses and their employees. Furthermore, those small companies who rely heavily on logistics can expect to reap the benefits of the lower fuel prices.
John Allan, national chairman of the Federation of Small Businesses (FSB), said: “This lower interest rate marks a positive development for our members as the economy continues to grow. Small businesses are keenly aware of the importance of keeping the cost of doing business down.
“FSB members are also telling us they are beginning to raise staff pay so with this lower inflation rate, workers will begin to see feel the increase of wage rises in their pockets.” 
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
The company is a business-to-business wholesaler of cask ales, continental lagers, and craft cider. Since its establishment, the business has cultivated strong relationships with high-profile and local breweries, gaining exclusive access to their pro...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.