Increase attributed to higher air fares
The Isle of Man's inflation rate hit 9 per cent in April, according to the latest statistics from the Cabinet Office.
The figure was up from 6.7 per cent in March.
The big increase is attributed in part to higher air fares, coinciding with the first TT to be held since 2019. If these are removed from the calculation the analysis reveals a rate of 7.8 per cent.
Unsurprisingly it was five items within the transport category which showed significant increases. - Petrol and oil were up over 30 per cent as was air travel.
With no sign of an improvement in the global situation the inflation rate is expected to continue rising, at least in the short term.
Further gas and electricity price rises are in the pipeline and petrol and oils are continuing their upward trend. The RAC in the UK reported that the average price for a litre of diesel has now topped £1.80.
Inflation in the UK has already been tipped to exceed the 10 per cent mark, well above the British Governments initial 2 per cent target.
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