Following closely behind was the ‘housing and household services’ category, experiencing a 12.1% increase. The sharpest 12-month price increase was observed in the ‘food and non-alcoholic beverages’ category, with a rise of 18.3%. “The inflationary pressure has affected different consumption sectors in varying ways. This is observed from the 2.68% decline in job vacancies, as indicated by the Intuit QuickBooks Small Business Index, marking the fifth consecutive decline since its launch in March 2023. While this decision aims to curb inflation, it has put pressure on small businesses making it more difficult to access capital. In May, the Consumer Price Index reached 8.7%, prompting the Monetary Policy Committee of the Bank of England to raise the base rate by an additional 0.5%, bringing it to 5%, the highest level in 15 years. Despite these efforts, the inflation rate has remained persistently high. Harberger Professor of Economics at the University of Chicago, said: “To address the rising inflation, the Bank of England has steadily increased the Policy Rate since December 2021. In Scotland, small business hiring is up by 3.14%. Go north, however, and it’s a different story. In England, this means 4,400 fewer job vacancies being advertised compared to the month before. Small business hiring fell in both England and Wales in June, down by 3.48% and 0.16% respectively. Small business hiring falls fastest in England
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