- The annual rate of inflation as measured by the CPI has increased again and now stands at 2.2% for March 2017, up from 1.9% in February 2017.
- The rate of inflation is now at its highest since May 2012 and has been caused by a number of external changes which have had an impact on the Island.
- As with previous months, the main three drivers of the inflation rate are Transport, House, Water, Electricity, Gas and Other Fuels and Recreation and Culture. The increasing oil price that has been experienced over the last 12 months ($39 a barrel in 2016 compared with $52 in March 2017), combined with a deterioration in the Sterling exchange rate has led to increased prices of petrol, diesel and heating oil for homes.
- The cost of children’s toys and various recreational activities has also increased compared with 12 months ago which has impacted upon the rate of inflation.
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.
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