Will inflation rates impact facilities management users?
August 18th 17:26 Cost Management
Retail firms may want to take steps towards facilities management cost reduction to offset the potential impact of high inflation.
Figures from the Consumer Prices Index have revealed that inflation levels were at 3.1 per cent for the month of July.
While this is a drop of 0.1 per cent compared to June, it is still well above the Bank of England's target of two per cent.
Coupled with low interest rates, a continued high level of inflation means consumers are likely to have reduced purchasing power.
Explaining the high rate in an open letter to the chancellor, Bank of England governor Mervyn King said the figures were surprising, but down to largely temporary factors, such as the rise in VAT.
However, he admitted there was a "significant probability" that inflation rates would reach similar levels in the coming months.
Despite this, King predicts that inflation will drop to two per cent by 2012.
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