The inflation rate in the island continues to decline.  

August saw a 0.4% decline on the month prior with the inflation rate standing at 5.4%, measured by the consumer price index. 

Inflation measures the annual increase in the cost of living, expressed through the prices paid for goods and services by an average household. 

High inflation affects the affordability of goods and services for households. 

In the past 12 months, the categories that saw the largest increases were electricity with an increased rate of 34.8%, pork at 31.6%, eggs at 30.5%, other travel costs at 27.6%, butter at 25.3% and biscuits and cakes at 24.1%. 

The categories with the largest percentage decrease in comparison to 12 months prior, were oils and other fuels which declined by 22.6%, petrol and oil at –17.4%, gas at -12.2%, air travel at –8.3%, oils and fats at –4.5% and women’s outerwear –3.2%. 

In 2023, the month with the highest rate of inflation was March with 9.1%, which month-on-month has steadily fallen since. 

You can find the full inflation report here.