Birmingham Chamber of Commerce has renewed its call to the Bank of England to cut interest rates.
But BCCI, along with other economic experts, expects the Bank to reflect on the impact of last month's cut in interest rates and hold fire on any further adjustments when it meets on Wednesday and Thursday.
Economists have noted that the quarter-point reduction in rates to 4.5 per cent in August was passed by only a single vote, with Bank governor Mervyn King among a quartet of Monetary Policy Committee (MPC) members against.
The reduction in rates was designed to stimulate sluggish economic and consumer growth, although Mr King and three of his committee colleagues believed the timing was not ideal.
Since that meeting the Bank has predicted that economic growth will accelerate beyond 3 per cent by 2007, fuelling inflation concerns at a time of sky-high oil prices.
A spokesman for BCCI said: "We would like to see interest rates cut by another quarter, but we think the Bank will keep it exactly the same.
"It should be cut for the benefit of retailers who are really hurting. We have campaigned for a long time for a cut to help manufacturers, but the high street is suffering too."
Tamara Henderson, of Action Economics, said monetary policy was likely "to become more tricky" over the next few months and this should rule out any changes in rates.
"At least until the MPC is certain the economy can digest $70 a barrel crude oil prices without ratcheting up inflationary expectations or slamming the breaks on economic growth," she said.
Ross Walker, of the Royal Bank of Scotland, claimed a "war of attrition" had broken out within the MPC where the positions of each camp looked increasingly entrenched.
A gradual improvement in economic conditions appeared to be taking place, with GDP growth in the second quarter revised up to 0.5 per cent from 0.4 per cent.
However, Mr Walker said this improvement did not reflect a major pick-up in spending by Britons as household consumption rose only 0.2 per cent between April and June, compared with 0.1 per cent over the previous three months.
"The recovery in domestic demand still seems to be stranded in no man's land --neither sufficiently robust to put a floor under base rate expectations, nor so lacklustre as to make further monetary policy easing inevitable," he said.
The City is divided over whether the cut in rates last month was a one-off or the first in a series of further falls.
