Inflation Hits Double Digits

The island’s inflation rate rose by 1.6% in July, up to 10.8%, the highest it has been this century.

Housing, water, electricity, gas and other fuels continues to be the biggest contributor to the rate with an increase of 28.9%.

Transport saw the second largest increase, contributing 18.9% to the overall CPI. Sea travel had the largest increase within the category, at 104.5%, although this is due to data being collected over a period of significant demand.

If we were to exclude air and sea fares, CPI inflation would stand at 10.2%.

CoMin is due to meet this week ahead of an announcement on what support the gov will be offering to people as the cost of living emergency continues to worsen.