The annual rate of inflation in the island has fallen again.

Inflation as measured by the Consumer Prices Index fell to 0.9% in October, down from 1.1% the previous month.

The main driver for the decrease in inflation was housing, water, electricity, gas and other fuels.

Oils and other fuels saw the biggest fall in price, having reduced by 3.6%, closely followed by rent in the private sector, which decreased by 3.3%.

In addition, there is low inflationary pressure across all of the other categories, with recreation and culture being the most significant.

While prices are continuing to increase, they are doing so at a lower rate than in September 2019, having contributed 0.2% in October this year compared with 0.4% the previous month.

During the same period, the Retail Prices Index fell by 0.7%.

CPI inflation was last below 1% at the end of 2016.

Inflation measures the increase in the cost of living, expressed through the prices paid for a basket of goods and services by an average household.