East Midlands Chamber has said inflation hitting 3.3% amplifies the need for businesses to get greater support amid rising fuel prices and the increasing cost of doing business.
The latest estimated figure from the Office for National Statistics for the 12 months to March 2026 is up from 3% in February. The Chamber’s Quarterly Economic Survey showed East Midlands firms see inflation as their greatest concern.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “For inflation to rocket this quickly is going to squeeze businesses, already navigating some of the toughest headwinds we’ve seen in years, even more. The forecasts economists have put forward on rising costs and inflation resulting from the Middle East conflict are not imagined; what we are seeing are the very real effects.
“Business needs support right now and policymakers must step up and do what they can to alleviate the immense pressure faced by firms. Our Quarterly Economic Survey has showed inflation to be the greatest concern of East Midlands businesses but that was before the Iran War had begun.
“Rising inflation is no good for business at the best of times but further increases this year, as a result of the Middle East conflict are likely as fuel prices soar. Corporate taxation was already a top concern of business, as shown in our Quarterly Economic Survey for the East Midlands, costs have risen for employing staff and business rates are disproportionately impacting some sectors. The Middle East conflict adds to a strong sense of uncertainty for business – not a great start for a new financial year.
“Addressing energy cost relief, reconsidering business rates and regulation, accelerating devolution, investing in skills and infrastructure – these are areas policymakers should be placing front and centre, as outlined in the Chamber’s Framework for Growth, which sets out specific asks that would ease the pressure on business at this extremely challenging time.”
To view East Midlands Chamber’s Framework for Growth in full, click here.
