In the year to October 2024, inflation rose to 2.3%, according to the Office for National Statistics. This is up from 1.7% in September.
Our response
Kate Nicholls, Chief Executive of UKHospitality, said: “This higher-than-expected level of inflation is an ominous warning of what could come in April, when businesses across the country will be hit by significant cost increases.
“Hospitality is braced for its own £3.4 billion cost increase, and that will impact jobs and push up prices, which we know will be a struggle for customers.
“The reality is that businesses are unable to absorb any more cost, having taken on so much over the past four years, and it is consumers and team members that will feel the effects.
“If the Government wants to keep a lid on inflation, protect jobs and help businesses, it must urgently rethink its changes to employer NICs.
“I am calling for them to protect businesses and staff by introducing either a new employer NICs band for lower earners or implement an exemption for lower band taxpayers working fewer than 20 hours per week.”
