On Air Night Flight | Midnight - 5:00am

Inflation and energy costs still a worry says Chamber of Commerce

Chamber Chief Executive Officer, Rebecca George

Figures from latest survey published

Inflation and energy costs continue to be the main concern for Island businesses.

That's the key finding of the Chamber of Commerce's latest quarterly economic survey.

Figures show 89.7 per cent of respondents citing inflation as their major worry with 39.7 per cent pointing to interest rates as another area of concern.

Utilities and labour costs are also a big worry, though many raw materials costs have eased.

Chamber Chief Executive Officer, Rebecca George, believes the latest results show some room for optimism, with businesses having improved confidence for the next 12 months.

However, she concedes the results still indicate high levels of concern over inflation and energy costs which will undoubtedly knock on to increased prices for customers and consumers.

Eighty-five Chamber members took part in the Q4 survey, and 80 per cent of the businesses canvassed have fewer than 50 employees. 
Thirty per cent or respondents were in the finance and professional services sector with 24 per cent from hospitality, catering or tourism.

More from Isle of Man News