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Deloitte comments on today's ONS inflation figures

19 July 2023

Commenting on today’s ONS inflation figures, Ian Stewart, chief economist at Deloitte, said:

"On Monday, Deloitte's latest CFO survey saw that inflationary pressure and rising rate expectations were weighing on corporate optimism. After months of disappointment, today’s inflation rate announcement depicts what the Bank of England has been hoping for. It shows a broad-based downturn in inflation, one that pours cold water on the idea of rates rising to well over 6.0%.

“Goods inflation will drop sharply from here, as lower food and energy costs feed through, but the Bank has a much tougher task in curbing services inflation which is looking far stickier. There’s a long road ahead to get inflation back to normal.”

Please see here for the latest CFO survey press release: