On Air Greatest Hits Chris Kinley | 6:00pm - 9:00pm

Big rise in annual inflation


The Isle of Man's inflation rate shot up last month, according to statistics from the Treasury.

In December, it hit 3.3 per cent, a significant rise from 1.3 per cent in November.

The Treasury says the rate is suffering because of large cuts in energy and mortgage costs more than a year ago, which artificially cut inflation.

Even if prices in December had stayed level, the annual rate of inflation would still have shot up 2.8 per cent over the course of November.

The detailed figures show the highest riser over the last year has been food, which was up more than ten per cent, and petrol, up more than 16 per cent.

More from Isle of Man Business