CPI stands at 1.6%, RPI at 4.7%
The drop in the rate of inflation in July is 'good news' according the Policy and Reform Minister.
CPI deceased by 1% in July, down from 2.6%, and RPI dropped by just about the same amount.
Chris Thomas admits factors like the exchange rate and oil prices are beyond the control of the Manx government.
But he insists there are steps that can be taken to mitigate for the figure:
Businesses have until April to prepare for minimum wage increase
Treasury minister says meeting the living wage has been a goal for years
Infrastructure minister insists school buses will not be scrapped
Dr Michelle Haywood says some routes could become normal services, where capacity allows
Braddan Commissioners says social housing roof works doubled in costÂ
It was one of a number of issues discussed at its monthly public meeting
'No evidence' Isle of Man in recession, says treasury minister
Alex Allinson responds to concerns over GDP and GNP figures
Unemployment remains at 0.6 percent as vacancies rise
Labour Market Report shows 273 people registered out of work in September