Business
Inflation Drops
The largest single increases were in electricity, up 34.8% and eggs which jumped 28.1%,
December saw a two-year low for inflation on the island, as it dropped to 5.2%.
Having seen historic highs of over 10%, the island’s inflation, as measured by consumer price index (CPI) has gradually come down in recent months.
The largest single increases were in electricity, up 34.8% and eggs which jumped 28.1%,
The 5.2% figure, down from 5.7% in November 2023, was partially driven by alcohol and tobacco rises of 12.7% compared with December 2022, while tobacco as its own increase was up 15.6%.
The second biggest increase is ‘restaurants and hotels’, having risen 11.3% compared with 12 months ago. ‘Wines & spirits on sales’ (wines and spirits sold on licensed premises), has seen the biggest increase in this category (20.7%).
The third biggest contributor to the rate of inflation was ‘Food and non-alcoholic beverages’, which shows
a rise of 7.4%.
The biggest decreases over the year were gas, down 18.1%, oil and other fuels 14.4% and furnishings 12%.
Before December 2023, the lowest monthly figure was back in November 2021, when inflation stood at 4.6%.
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