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Manx rate of inflation falls

Manx economic news

Manx economic news

The island’s rate of inflation has fallen.

Figures released this morning by the Treasury show that it is 2.6 per cent, under the Retail Prices Index (RPI) measure.

Last month it was 2.9 per cent.

Measured by the Consumer Prices Index, which excludes mortgage interest payments and household expenditure such as buildings insurance, dropped from 1.8 per cent in February to 1.6 per cent this month.

As we reported when the February figures were released, the effective rate of inflation for the poorest members of Manx society is much higher than the general rate.

The price of food has risen by 6.5 per cent over the year, while rent has gone up by 8.4 per cent.

Poorer people will usually spend more of their income proportionately on inescapable costs such as these.

People with mortgages have seen no change in payments over the year.

Fares have fallen by 6.2 per cent over the year. While sea travel has risen by 2.9 per cent, the cost of air travel has fallen by 20.7 per cent, although this might be affected by the fact that fewer services are now available to and from the island.

The cost of petrol and oil has fallen by 5.5 per cent, while vehicle tax and insurance is 8.9 per cent cheaper.

In the UK, inflation measured by the RPI was 2.7 per cent in February.

The UK has not yet released the March figure.

 

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