Treasury Minister Eddie Teare MHK has welcomed further evidence of a continuing fall in the Island’s inflation rate, which has now reached its lowest level for more than two years.
The Retail Prices Index fell for the fifth consecutive month in January to 4.0%, down from 4.7% the previous month and the lowest figure since December 2009.
Minister Teare commented:
‘The ongoing fall in the inflation rate is most welcome, and the good news is that we would expect it to fall further this year even though that might not be every month. At a time when salary awards are being kept to a minimum for many, falling inflation helps maintain real disposable incomes, with resulting benefits in particular to retailers, who are at the sharp end in times of economic slowdown’.