Inflation stands at 9% for April – a rise from 6.7% in March.

Currently, it’s 9.1% in the UK.

This increase, as measured by the consumer price index, is in large part due to high air fares coinciding with the first TT to be held since 2019, according to the government.

The category of ‘transport’ remains the largest contributor to the rate of inflation, providing a 3.9% increase in the overall 12-month rate.

Five items within this category show significant increases.

‘Other travel costs’ experienced the biggest rise in prices (68%), followed by ‘petrol and oil’ (30.8%) and ‘air travel’ (30.2%).

This is followed by ‘Housing, water, electricity, gas and other fuels’ with a 2.3% increase.

Within ‘Housing, water, electricity, gas and other fuels’, ‘oils and other fuels’ experienced the largest rise in prices with 82.7% compared to the same month last year.