Island's inflation rate falls by 0.6%

Tuesday, 18 October 2022 11:40

The inflation rate now stands at 9.8%

The Island has seen its inflation decline twice in as many months, as it falls by 0.6%

Data published by Statistics Isle of Man show the inflation rate for September was 9.8 percent.

That's a 0.6 percent decrease from August when it stood at 10.2 percent.

Housing, water, electricity, gas and other fuels had the largest increase at five percent, with other increases seen food and drinks.

However, education, transport and clothing saw deflation occur, of which education had the largest drop at 12.2 percent.

Across as 12-month period, basic food products like oil and fats have seen an almost 30 percent increase.

Whilst an 18.6 percent average increase was seen in tea, milk and sugar.

Housing across the board has surged by nearly 34 percent in the year up to October 2022.

The full inflation report can be read HERE.

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