Inflation currently stands at 10.8% for July.

The latest inflation report, compiled and published by the Statistics Isle of Man team at the Cabinet Office, shows inflation increased from 9.2% in June.

‘Housing, water, electricity, gas and other fuels’ continues to be the biggest contributor to the rate of inflation with an increase of 28.9%.

All prices within this category saw an increase compared to 12 months ago, with ‘oils and other fuels’, which saw the biggest increase of 89.9%.

‘Transport’ has seen the second biggest increase contributing 18.9%.