Inflation Down Slightly

Inflation fell by 0.4% in August, down from July’s 10.8%.

The July figure was the highest recorded rate this century.

In its monthly report, Statistics Isle of Man said: ‘Housing, water, electricity, gas and other fuels continues to be the biggest contributor to the rate of inflation with an increase of 27.5%. All prices within this category saw an increase compared to 12 months ago, with ‘Oils and other fuels’, seeing the biggest increase of (86%).’

Transport has seen the second biggest increase contributing 12.7% to the overall CPI, while petrol and oil has seen the biggest increase in this category (39.1%).

The third biggest contributor to the rate of inflation was restaurants and hotels which has increased by 11.5% since August 2021. The largest increase in this category was catering, which is up 12% over the past year. 

Good news for sausage fans though, pork is down 3.6%.