Inflation Slows After 40-Year High

Friday, 21 July 2023 15:49

Jersey's RPI has dropped 1.8% after the island saw a 40-year high last year.

The rate now stands at 10.9%, which is thought to be a result of the decrease in petrol and oil prices.

Another contributing factor is the reduction in GP fees after the government announced it would double the subsidy given to practices.

Over the 12 months to June 2023, prices in most groups have risen and RPI is 3% higher than it was a year ago (7.9% in June 2022).

Housing remains the largest contributor to the annual rate, with +5.7 percentage points added.

It is down to increases in the cost of mortgage interest repayments.

It follows the Bank of England making 13 consecutive hikes in the base rate, which stands at 5% - the highest since 2008.

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