- The rate of inflation has risen in January 2017 and stands at 1.6%, up from December 2016 figure of 1%.
- The main drivers of the increase in inflation in January are housing, water, electricity, gas and other fuels, transport, recreation and culture.
- The depreciation of the Pound has had significant impact on inflation during January, with heating oil up by 32% on 12 months ago and petrol and deisel up by 12.1% over the same period.
- Travel costs have also increased, with flights booked 3 months in advance having been the main contributor as a result of seasonal increases due to the Easter period. Increased sea travel fares have also contributed.
- There was also downard inflationary pressure from clothing and footwear, which has been caused by discounting and sales that would have been expected in December 2016, having ben delayed until January 2017.
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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