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Inflation data April 2023

ended 24. May 2023

Tomorrow morning at 07:00, the latest inflation data is out. If inflation is hitting you as a business, charity or personally (or both), and you'd like to see your views in the local and national media, please answer the following questions. This story will be covered far and wide so there's a very good chance of your comments being featured.

  • How is inflation impacting your business or charity?
  • How is inflation and the broader cost of living crisis affecting your mental health?
  • What are you doing to cope with inflation? Increasing your prices, or perhaps even reducing them as people and businesses have less money to spend?
  • What's been more challenging for you as a business or charity? The pandemic or the current cost of living (and working) crisis, with bills soaring across the board?

Any other thoughts, insights or anecdotes, send them across and we'll do our best to get them published.

3 responses from the Newspage community

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Stephanie Bishop
Owner at La Zouch Soaps
Inflation is impacting my business primarily through an increase in raw materials. The price of wax has almost doubled in the past 18 months, and the majority of the ingredients I use in my products have increased in price. I'm trying to hold my prices down as I don't wish to contribute to inflation, however, some products are becoming untenable, so I will either have to stop making them as I've reached a price ceiling, or put the prices up. I would say that the current situation is more challenging for me than the pandemic, as I launched my business in 2020 so had no expectations then. Now I would like to grow my business, but the cost of living crisis is hampering opportunities to make cost-effective products. My mental health is ok, but it is frustrating to create a business during a health crisis and then struggle more after that particular crisis has passed. It just feels like we're constantly fire-fighting with no respite in sight.
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Jenny Blyth
Small business owner at Storm in a Teacup Gifts
Someone said to me today, ‘this is your pandemic’ and they couldn’t have put it better. Our business survived the pandemic, people were supporting small businesses because they could and the community of support grew. Now, there is nothing, we have nothing. I polled a product with my customers this week, saying the price had to be raised by £3 and they all agreed that it would price them out. Imagine that, what would be a throwaway cup of coffee from a chain is now too much to spend with small business. The saddest thing is, I agreed. The pressure out on us at the moment is reaching breaking point along with my mental health. My business is nearly nine years old and I refuse to back down but how is it fair? Why are we continuing to suffer like this? I won’t suffer in silence, I will be heard. Things have to change.
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Sam Kirk
Managing Director at J-Flex Rubber Products
Businesses are well versed at overcoming challenges over the past few years, and inflation is just another challenge. Our sector has seen some ridiculous increases in the price of raw materials, energy, and transport, all of which have had to be passed on to customers. In addition, employment costs have also increased, and that's not taking into account annual salary reviews and one-off bonus payments that many SMEs have done to combat the cost of living crisis. Though economists may moan about businesses doing this, morally it's the right thing to do. Both Covid and the cost of living crisis have had a major impact for SMEs, but rising costs certainly aren't new. It was clear during the early days of lockdown that prices were heading in one direction as suppliers looked to capitalise on the situation. Thankfully some have now returned to more normal levels, whatever normal is these days.