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Falling oil costs drive down February inflation

 

The cost of Island living has fallen again.

Treasury statistics shows the annual rate of inflation in February as measured by the Retail Prices Index, fell to 1.4 per cent from 1.9 per cent in January.

Official figures show the Consumer Prices Index also fell from -0.2% to -1.0% month on month.

The falling price of crude oil, which dropped by more than 5% during the period, reflected in the cost of heating oil, petrol and diesel, are cited as the main contributors to the downward trend.

In the past 12 months tobacco and cigarettes rose in price by eight per cent while food prices rose by 1.4%. 

Fares and travel costs are up 7.7%.

 

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