Inflation Falls 0.9%

The island’s inflation rate fell from 2.3% to 1.4% during August, figures released by the Economic Affairs Division show.

Miscellaneous goods and services and clothing and footwear are the two biggest contributors to the decrease in the rate of inflation whereby each contributes to a 0.6% and 0.4% decrease in the overall 12-month rate respectively.

All items within Clothing and footwear category experienced a decrease in prices. Footwear experienced the biggest decrease (-15.1%), followed by children’s outerwear (-14.4%), other clothing (-13.7%) and women’s outerwear (-10.4%).

Transport continues to be the greatest contributor to inflation in August, with petrol and diesel up by 13.7% and driving lessons by 16.7%. There were also increases in DIY materials and heating oil within Housing, water, electricity, gas and other fuels.

Leave a Reply

Your email address will not be published.