The rate of inflation in the Isle of Man has fallen.

Figures released today show that the January figure was 3.8%, as measured by the government’s preferred index, the consumer prices index.

In December it was 4.1%

Increases in the price of food and drink are hitting people in the pocket hardest.

Compared with January last year, cereals are up 4.4%, biscuit and cakes by 10.1%, coffee by 15.5%, tea by 14.9%, potatoes by 8.4% and butter by 14%.

Meanwhile, the cost of sea travel has jumped 7.8%, while air travel is up by 1.4%.

Oil is up 13.8% while gas is up 3.3%.

Prices for restaurants and hotels were up 8.6%.

The survey shows some oddities. For example, it says the price of footwear has fallen by 9.6%.

Subscription to the internet is 6.9% cheaper than a year ago, the survey says but the cost of ’telephones etc’ rose 11.4%.

Inflation measured by the Retail Prices Index, which uses different criteria for the calculation, rose 6.4%