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Rate of inflation rising

Significant rises in heating oil and petrol prices

Inflation in the Isle of Man is starting to creep up, after dropping or remaining static so far this year.

As measured by the Consumer Prices Index, it rose from 2.2% in May to 2.6% last month.

The Economic Affairs Division of the Cabinet Office says the rise has been primarily driven by an increase in the price of crude oil.

That's resulted in significant increases in heating oil and petrol prices over the last 12 months, with transport and housing, water, electricity, gas and other fuels contributing the most to the rate of inflation.

Increases in the cost of rent, both public and private, has also been a factor.

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