Every day products' stores are the ones effected by the new figures released.
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Statistics released today from the Office for National Statistics shows that the consumer price index continues to rise at a 3%. The CPI refers to the price of basket goods and services that the average person uses.
With average wages rising by just 2.5%, consumers are now worse off than they were last year.
City News spoke to Aijay Patel, the owner of Crispins, a franchise company that was forced to close down one of its stores in the Notting Hill high-street.
Mr Patel said, “a lack of consumer interest in [his] store has led to it closing down.” This is despite rent prices decreasing in the area.
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HeadlineOffice of National Statistics release new Consumer Price Index rates
Short HeadlineConsumer Price Index continues to rise at 3% rate
Standfirst
Statistics released today from the Office for National Statistics shows that the consumer price index continues to rise at a 3%. The CPI refers to the price of basket goods and services that the average person uses.
With average wages rising by just 2.5%, consumers are now worse off than they were last year.
City News spoke to Aijay Patel, the owner of Crispins, a franchise company that was forced to close down one of its stores in the Notting Hill high-street.
Mr Patel said, “a lack of consumer interest in [his] store has led to it closing down.” This is despite rent prices decreasing in the area.
