The 58% of businesses that reported the price increase in the British Chambers of Commerce’s (BCC) Quarterly Economic Survey (QES) is the highest proportion on record.

The survey, which features responses from 5,500 businesses reported that two-thirds, 66%, cited inflation as their main concern, which is also a record high, while one in four, 27%, were worried about rising interest rates which is up from 19% from the last quarter.

The percentage expecting an increase rose dramatically to 77% for production and manufacturing firms, 74% for retailers and wholesalers, 72% for construction firms, and 69% for transport and distribution firms.