Latest figures published by government
Fears that the Island could be heading into a period of rampant inflation eased in July.
Data from Government shows the headline figure fell more than a full percentage point to 2.3 per cent, compared with 3.6 per cent in June.
There was little respite in the seemingly inexorable rise in the cost of petrol and diesel over the month, which jumped by just under 14 per cent. This contributed to a 12.1 per cent rise in travel costs.
A contributor to the overall fall in the inflation figure was a big drop in the clothing and footwear category. Childrens clothing was 21.5 per cent cheaper and footwear more than 10 per cent.
In contrast, DIY materials, heating oil, private sector rents, water, electricity and gas all recorded price rises.
You can view July's inflation report here.