Reacting to the latest inflation data from the ONS, Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:

 “The figures released today are a welcome surprise as inflation has proved stubborn over recent months. It’s encouraging to see a now significant drop in total terms since the peak of 11.1% in October.

“This is certainly a promising sign for Welsh businesses, however, it’s important to remember that costs for people are still high, especially businesses, and seeing a relative fall in prices a year on is a cold comfort while prices and the CPIH remain high.

“Welsh businesses have shown incredible resilience, flexibility, innovation and creativity in the face of economic difficulties, which have been near constant for multiple years now. However, policymakers should see that things in Wales are difficult and understand that businesses need support now more than ever, to lift the nation out of its economic slump.”