The rate of inflation in the Isle of Man has risen again, having increased to 6.4% for January.

Measured at 6% by the consumer price index for December 2021, this is a rise of 0.4%.

Currently the UK’s rate of inflation stands at 5.5% - the highest rate for three decades.

The largest contributing category for the island remains to be transport, providing a 3.1% increase in the overall 12-month rate.

Most areas within this saw a rise in prices, for example air travel experienced the biggest increase with 79.9%, followed by ’petrol and oil’ which had a 23% rise.

Rising energy bills have had their effect too as transport is closely followed by ’housing, water, electricity, gas and other fuels’ and ’recreation and culture’, which both contributed a one percent increase.

’Oils and other fuels’ made the largest contribution within this with a rise of 48.7%.

All of these are adding to the pinch on the cost of living.

When comparing this information to January 2021, it’s a starkly different situation.

Changes had only recently been made to border restrictions last year and the rate of inflation stood at -0.6%, excluding sea and air fares, decreasing by 0.7% since December 2020.

Taking sea and air fares into account, it would have been -2%.

Meanwhile, unemployment has decreased by 725 people compared to January 2021, according to the government’s latest labour market report.

In January of this year, the number of people registered unemployed stood at 309.

This figure had increased by 18 from the previous month (December 2021) but had fallen by over 700 people compared to the same month last year.

Compiled by the Cabinet Office, the report said the unemployment rate, which is the proportion of economically active population registered unemployed, for January 2022 was 0.7%, remaining the same as the previous month.