The fall in inflation since last April has not been a cause for celebration for freelancers, suggests IPSE, as it is still "outstripping earnings".
Chris Bryce of IPSE (the Association of Independent Professionals and the Self-Employed) has said that even though the 2.6 per cent fall in inflation was more welcome than another rise, it is still insufficient at a time when complaints about the cost of freelancing remain “continuous”.
Complaints to IPSE's confidence index have risen over the last year, coinciding with the beginning of inflation's upward trajectory. According to Bryce, it rose sharply after the EU vote, and May's decrease is the first of its kind since April 2016.
According to the Office of National statistics, falling petrol prices among other things were the main contributors to the fall in the rate – something Bryce says will be a benefit to the self-employed.
“The falling petrol prices that have driven this drop in inflation are definitely good for freelancers.
“Because of their regular long-distance trips to different clients’ premises, they are among the UK’s heaviest road users.”
However, he adds: “Inflation has fallen, but freelancers are still feeling the squeeze, [So it’s] a welcome change to the pretty much continuous increase since autumn last year, [but] it's not enough to stop the cost of living squeeze."