The rate of inflation in the Isle of Man has risen again, having increased to 6.7% for March.

Measured at 6.5% by the consumer price index for February 2022, this is a rise of 0.2%.

Inflation has seen an unprecedented surge over the last year, partly due to Russia’s invasion of Ukraine pushing energy prices even higher and largely due to the pandemic causing a multitude of issues in the supply chain.

The category ‘transport’ remains the largest contributor to the rate of inflation, providing a 2.6% increase in the overall 12 month rate.

This is followed by ‘recreation and culture’ providing a 1.3% increase, and ‘housing, water, electricity, gas and other fuels’ a 1.1% increase.

Three items within the ‘transport’ category show significant increases – these include petrol and oil, and air travel.

‘Petrol and oil’ experienced the biggest increase in prices at 30.3%.

This was followed by ‘purchase of motor vehicles’ (14.2%) and ‘other travel costs’ (11.5%).

Within ‘recreation and culture’ kennel fees increased by 14.3% and within ‘housing, water, electricity, gas and other fuels’, ‘oils and other fuels’ experienced the biggest increase in prices, with a 63.2% rise, compared to the same month last year.

Meanwhile, the latest unemployment rates from February showed 297 people out of a job.

That was 12 down from January and 525 down on 12 months before that.

The UK’s rate of inflation this week leapt to 7%, up from 6.2% in February – the highest inflation rate since March 1992.

The massive jump in food and non-alcoholic drink inflation to 5.9% in the UK means prices are now rising at the fastest annual rate since September 2011.

Average petrol prices have risen by 12.6p per litre from February to March which has also contributed to the rise.