Isle of Man inflation, as measured by the Consumer Price Index stands at 0.1% for July 2020, up from -0.3% in June 2020.
Recreation and culture is the biggest contributor towards this increase in inflation causing a 0.7% increase in the overall rate compared to same time last year. All products within this category experienced an increase in prices compared to July 2019, with subscription to internet increasing by 13.7% and pet care by 8.8%.
Alcoholic beverages and tobacco and Furniture, household equipment and maintenance are the second biggest contributors, both leading to a 0.2% increase to the overall rate. Within Alcoholic beverages and tobacco, price of all products bar beer ‘off’ sales increased and price of domestic help within Furniture, household equipment and maintenance increased by 18.2%.
Both air and sea fares had previously been set to 0% in April 2020 due to the travel restrictions imposed in response to COVID-19, rendering these prices invalid. These prices, like the previous months (May, June 2020), have been imputed by the annual change in prices based on the annual all-items movement of all available, non-imputed items (excluding both air and sea fares), to account for the unavailability of air and sea fares.
The figures are published monthly by the Economic Affairs Division of the Isle of Man Cabinet Office. Full details with further breakdowns are available in the downloadable document, which is updated monthly.