Inflation dropped for the first time since April last month as the rate fell from 10.8% to 10.4%.

August’s figures have been published by the Statistics Isle of Man department in the Cabinet Office, showing a 0.4% drop in the overall inflation rate in a month.

Housing, water, electricity, gas and other fuels continue to be the highest contributors to the rate of inflation, with a rate increase of 27.5% on a year ago.

All prices in this section have seen rises when compared to the figures of 12 months ago, with ‘oil and other fuels’ seeing the biggest rise with 86%.

Transport has been the second highest contributor with a rate of 12.7%, despite seeing a drop of 9.6% since July 2022.

‘Petrol and oil’ was the highest riser in this category, with 39.1% increase from August 2021.

The third biggest contributor to the inflation rate was ‘hotels and restaurants’, with a rise of 11.5% since August 2021.

Catering was the biggest increase of this section, with the rate rising 12% over the last year.

The cost of health increased by the least (0.5%).