Inflation

Key Points

Consumer Prices Index Increases (CPI)

• The annual rate of inflation as measured by CPI decreased in December 2019 to 2.1% down from 3.1% in November 2019.
• The two biggest contributors for this decrease in inflation are Transport and Recreation and Culture categories.
• The significantly higher increase in the overall rate of inflation last month was caused primarily by an increase in airfares over the Christmas and New Year period has decreased again and gone back to the rates seen in August 2019. Air travel fares and Other travel costs are the main contributors for the decrease in prices for this category.
• Recreation and Culture is the second biggest category driving this decrease in the overall rate of inflation where although the 12-month change in prices is positive, the prices have decreased compared to last month. Subscriptions to internet is the main contributor for the decrease in this category.
• An error was discovered which has impacted on the previously published rates of inflation. The correction has resulted in CPI being 0.1% lower in October and November and 0.1% lower for RPI from May through to November (excluding August). The table below shows the impact in each month.

The figures are published monthly by the Economic Affairs Division of the Isle of Man Cabinet Office. Full details with further breakdowns are available in the downloadable document, which is updated monthly.