Inflation Dips By 1%

Inflation in Guernsey is showing more signs of slowing. RPI is now 7.3% which is 1% lower than the March quarter.

Inflation is now easing from its December 2022 high of 8.5% with the June '23 RPI figure 7.3%.

In Jersey, inflation also dipped at the end of June to 10.9% while in UK it's 7.9%.

But in common with Britain and many other countries, food remains persistently high, and is a driver of inflation.

The 2023 Guernsey Inflation Bulletin shows price increases in soft drinks, tea bags, baby food and fresh fish. There were price reductions, including for some fresh fruits, butter and rice.

Pub and cafe meals and some takeaways went up in price over the quarter.

Housing costs contributed to the RPI rate and reflected increases in the base rate and so variable or interest only mortgage costs.

RPIX, which excludes mortgages, has dropped to 6.8% which is down 1.2% over three months.