Isle Of Man / Ellan Vannin

Isle of Man inflation rate falls to 5.2%

The annual rate of inflation in the Isle of Man falls from 5.9% in September 2011 to 5.2% in October 2011, official figures show.

The Consumer Prices Index also showed a decrease from 5.9% to 5.7% during the same period.

Treasury figures show island residents are paying more for food but less for electrical appliances and pet care.

Over the past year the price of housing and rentals has increased by 2% and 5.2% respectively.

Fuel and light prices have increased by 13.7% and tobacco has gone up by 9.6%.

Treasury Minister Eddie Teare said: "Many households, particularly those on low and fixed incomes, have been feeling the pressure of high inflation so it is encouraging to see the RPI rate come back down to its lowest level since September 2010.

"The downward trend is expected to continue as a result of declining global demand for commodities, but the rate is still high at the moment and government will continue to keep a close eye on the situation".

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