The latest inflation report, compiled and published by the Economic Affairs team at the Cabinet Office, shows inflation stood at 0.1% in August 2020.
- Inflation as measured by the Consumer Price Index stands at 0.1% for August 2020, remaining the same as July 2020.
- Recreation and culture continues to exert the most upward pressure on the rate of inflation, causing a 1.0% increase in the overall rate compared to same time last year. All products within this category bar kennel fees experienced an increase in prices compared to August 2019, with subscription to internet increasing by 13.7% and pet care by 8.3%.
- Transport and Housing, water, electricity, gas and other fuels exert the greatest downward pressure, both producing a -0.7% and -0.6% decrease respectively to the overall rate. Within Transport, price of petrol and oil has decreased the most, while within Housing, water, electricity, gas and other fuels; the greatest decrease in prices is seen by oils and other fuels.
- Both air and sea fares had previously been set to match the CPI excluding these figures in April 2020 through to July 2020, due to the travel restrictions imposed in response to COVID-19. These are now being collected again. Therefore, August 2020 prices are being compared to March 2020 prices as this was the last month they were collected before being imputed to match CPI, excluding 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.