Inflation as measured by Consumer price index hit 9 per cent in April, up from 6.7% in March.
The big increase is attributed to a large degree on high air fares coinciding with the first TT to be held since 2019. Excluding these from analysis yields a rate of 7.8%
The category ‘Transport’ remains the largest contributor to the rate of inflation, providing a 3.9% increase in the overall 12-month rate, followed by ‘Housing, water, electricity, gas and other fuels’ a 2.3% increase.
Five items within the ‘Transport’ category show significant increases. ‘Other travel costs’ experienced the biggest increase in prices (68.0%), followed by ‘Petrol and oil’ (30.8%) and ‘Air travel’ (30.2%).
Within ‘Housing, water, electricity, gas and other fuels’, ‘Oils and other fuels’ experienced the biggest increase in prices (82.7%) compared to the same month last year.