Inflation in the Isle of Man currently stands at 10.8%.

July’s 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%.

‘Sea travel’ has seen the biggest increase in this category, of 104.5%, though this is due to data being collected over a period of ‘significant demand’. Excluding air and sea fares, CPI inflation is 10.2%.

The third biggest contributor to the rate of inflation was ‘furniture, household equipment and maintenance’, which has increased 9.9% since July 2021.

The largest increase in this category was ‘domestic help’, which is up 20.5% over the past year.