More Than reveals deflation for businesses

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More Than reveals deflation for businesses

More Than has revealed that the rate of inflation faced by small businesses has dropped into deflation, as costs continue to fall.

According to the company's Business Inflation Guide, small enterprises across the UK experienced a 2.9 per cent drop in costs in the fourth quarter of 2008.

The falls were largely due to the drop in fuel prices, which fell 18.3 per cent over the period. On top of this, the cost of raw materials fell by 11.95 per cent.

Small companies operating in the manufacturing and contracting sectors benefitted the most, as their costs fell by 4.3 and 4.5 per cent respectively.

Mike Bowman, head of More Than Business, said: "Deflation will come as good news for transport and haulage contractors as they will see fuel costs come down due to a sharp fall in oil prices."

The price of oil, which reached record highs of $147 (£105) a barrel last July, is currently trading at around $45 a barrel.

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