- The annual rate of Inflation as measured by CPI has increased to 1.9% in February 2017, up from 1.6% in January 2017.
- Whilst nearly all of the categories within the basket have contributed to the upward inflationary pressure, there have been three key drivers, all of which are driven by similar causes.
- The impact of Brexit upon the sterling exchange rate and the rising cost of oil per barrel have been the two major causes of the increase.
- Petrol and Heating Oil have seen significant price increases due to the combinatrion of oil prices rising (in US$) and the worsening exchange rate compared with 12 months ago.
- The exchange rate has also been the cause of some of the rise in costs for items within Recreation and Culture due to the cost of foreign holidays increasing. General recreational activities are also more expensive now than they were 12 months ago.
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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