There has been a sharp rise in the island’s rate of inflation.

Things now cost, on average, 4.% more than they did a year ago, according to the government’s favoured consumer prices index (CPI) measure of inflation in July.

A year earlier the Isle of Man was in deflation - i.e. average prices had fallen since the 12 months previously.

June’s inflation rate was 4%.

Transport costs were the biggest driver in the figures.

Air travel has risen by 16.2% while oil and other fuels have soared 21.2%. Although the prices of petrol and diesel are lower than four months ago, they are higher than July 2016.

The figures also point to odd differences. Men’s outerwear has risen by 15.3% while children’s outerwear has got 2.8% cheaper.

A lot of food is more expensive. Fruit is up 8.1%, potatoes 6.6%, coffee 12.3% and tea 12.4%.

According to the figures subscriptions to the internet have fallen 9.8%,

Inflation measured by the Retail Prices Index (excluding housing) is 10.3%. Including housing it’s 8.5%.

Some measures for benefits use RPI inflation.

The goods used in each measure are different, with the RPI measure including mortgage interest and other housing expenses (excluded from the CPI) and the CPI including university fees, excluded from the RPI.

In addition, a different formula is used in the calculations for RPI compared with CPI, with the result that RPI figures are generally significantly higher.

https://www.gov.im/media/1352732/cpi-summary-of-collected-prices.pdf