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IT industry leaders are concerned about the skyrocketing UK inflation rate. The inflation rate increased to 9.1% in June, the highest level in over 40 years.
The Consumer Prices Index including Owner Occupiers' Housing Costs (CPIH) increased from 7.8 per cent in March to 9 per cent in the 12 months leading up to April 2022, according to the Office of National Statistics (ONS). The increase of 1.6 percentage points from March to April was the greatest month-to-month increase since national data recording began in 1989.
Inflation in Switzerland was 3.4% in June.
- 6% of its electricity comes from fossil fuels.
Inflation in UK was 9.1% in June.
- Almost 40% of its electricity comes from fossil fuels.
It is the cost of fossil fuels driving inflation.
— Scotonomics (@Scotonomics1) July 8, 2022
How Does The UK Inflation Impact The IT Industry In 2022?
Budget constraints at home are putting additional pressure to raise salaries within the technology and IT industry, which is expected to have an indirect effect on consumers as a result of firms feeling the urge to raise prices and passing it on to customers.
The strain on the supply chain is also increasing as a result of orders taking months rather than weeks to fill owing to stock shortages.
Roy Shelton, CEO of the managed services company Connectus Group, claims that tech firms in the UK could be concerned about the increasing inflation rates and how far they might go.
"Right now the big concern is just how high inflation will go. Really high levels would be a serious concern to most companies because it makes planning and investment decisions so much harder.”
Shelton told Tech Monitor that finding new business may be more challenging with rising UK inflation rates. This is due to the possibility that businesses may decide to delay making new investments until inflationary pressures subside.
How Can Technology Firms Meet Their Sales Targets Despite The Inflation In 2022?
With the restricted marketing budgets, IT firms may be feeling the pressure of churning out new business on a day-to-day basis, while keeping the most talented salesmen up at night.
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No MQLs mean no Sales Qualified Leads (SQLs).
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