The latest inflation report, compiled and published by the Statistics Isle of Man team at the Cabinet Office, shows inflation stood at 8% for January 2023.
Inflation as measured by Consumer price index stands at 8.0% for January 2023, up from 7.4% in December 2022.
‘Housing, water, electricity, gas and other fuels’ continue to be the biggest contributor to the rate of inflation with an increase of 22.5%, with Gas seeing the biggest increase in this category of 60.9%.
‘Food and non-alcoholic beverages’, has seen the second biggest increase contributing 13.2% to the overall CPI, with prices rising 0.5% on the previous month. ‘Butter’, has seen the biggest increase in this category up 34.7% compared to 12 months ago.
The third biggest contributor to the rate of inflation was ‘Restaurants and Hotels’ contributing 12.4% to the overall CPI. ‘Catering’ has seen the biggest increase in this category (13.4%).