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Consumer inflation hits lowest figure since October 2021

It's now fallen for three consecutive months

Consumer inflation has dipped again for the third month in a row making it the lowest since October 2021.

It stands at 4.4 percent for January, which is down 0.8 percent in comparison to the previous month.

Alcoholic drinks and tobacco see the biggest increase, having risen 11.8 percent compared with 12-months ago.

Tobacco sees the biggest increase across this category at 15 percent.

The second largest rise is seen in restaurants and hotels with surge of 10.9 percent compared with a year ago.

Electricity, tea and eggs are among the largest annual changes.

But gas, oil and other fuels and children's outerwear are all down.

Over a one month period, housing, water, electricity and gas are down 1.7 percent.

However, transport is up by 1.8 percent.

The last time the CPI index was as low as 4.4 percent was in October 2021, which had the same figure.

A full list of the figures can be found HERE.

John Webster - a former government economist - has been reacting to the news and told Manx Radio: "Lower inflation offers some relief for those who have suffered rising prices over the last few years.

"I feel sorry for those in weak bargaining positions, such as people on fixed incomes & the low paid whose bargaining position is being undermined by new arrivals prepared to work for minimal wages.

"Government is faced by some increased costs but these are offset by the 'fiscal drag' effect that rising prices have on tax receipts."

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