Statement from BITC on the rate of inflation
Following the publication of ONS stats showing that inflation fell to 8.7% in April, Sam Balch, Campaigns Director at Business in the Community (BITC), said:
“Today’s inflation update is a stark reminder that even though the weather is getting warmer and people’s heating bills will not be as high as they were in the winter, the cost-of-living crisis is far from over. While it’s good to see inflation going down, it is still at a level that is having a real impact on people who are struggling to make ends meet at this time.
“Research shows that inflation hits lower income households a lot harder than others with the cost of essential items still at a very high rate, and lower income families typically spend more of their income on these items. While this is also a difficult time for business, business leaders must continue to ensure that they are doing everything they can to ease the burden this crisis is having on employees, consumers, suppliers and wider communities.”
BITC’s cost-of-living action plan calls on businesses to ensure that they are doing everything they can to reduce the impact of the cost-of-living crisis on employees, consumers, suppliers, and community organisations. The calls to action include:
- Pay the Real Living Wage to employees and contractors
- Ensure employees have the option to work flexibly
- Understand the needs of your lower-income and vulnerable customers, and how the cost-of-living crisis will impact them
- Provide products and services that are genuinely affordable to increase choice for lower-income consumers
- Share goods and equipment with community organisations that are working with lower-income and vulnerable people.
- Support your supply chain to reduce their energy and resource use
Notes to editor
- Read the full Business in the Community Cost of Living Action Plan for Businesses here.
For further information, please contact Aoife Butler Nolan, Head of Media, Public Affairs and Policy, on 07702 903 216.