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The rate at which prices are increasing has slowed once again, the latest inflation figures have revealed.
During the 12 months to this June, the Retail Prices Index (RPI) for Jersey increased by 5% – down from the inflation figure of 5.7% reported in March.
A slower increase in housing costs made the most notable contribution to the overall drop, but price increases for most groups were also similar to or less than those seen over the 12 months to March.
Pictured: The annual percentage changes in the RPI from March 1989 to June 2024.
Inflation rose to double digits for the first time in three decades in September 2022.
Since that spike, it has fallen steadily.
The latest Retail Price Index (RPI) report, released this morning by Statistics Jersey, shows costs are still rising – but at a slower rate than they have been in previous years.
Express took a look at the latest statistics...
Tobacco ↑ 12.2%
Leisure services ↑ 10.7%
Fuel and light ↑ 8.8%
Housing ↑ 7.3%
Fares and other travel ↑ 5.7%
Alcoholic drinks ↑ 4.9%
Catering ↑ 4.8%
Household services ↑ 4.3%
Leisure goods ↑ 3.5%
Food ↑ 2.1%
Personal goods and services ↑ 2.1%
Clothing and footwear ↑ 1.4%
Motoring ↑ 1.3%
Household goods ↓ 0.3%
The report also looks at how vulnerable islanders – such as pensioners and those on low incomes – are faring.
Known as RPI Pensioners, the specific measure for older islanders calculates the rate as if affects pensioner households.
RPI Low Income calculates how it affects those in the lowest fifth of household income.
Over the 12 months to June 2024, RPI Pensioners increased by 4.4%.
Meanwhile, RPI Low Income increased by 4%.
According to the report, the rate of inflation in Jersey over the 12 months to June 2024 was 2.2% higher than in the UK.
The report noted: "Both indices saw large contributions from the group relating to housing.
"The Jersey RPI contains a component for mortgage interest payments, which are affected by changes in the Bank of England Bank Rate.
"Instead, the UK CPIH uses a rental equivalence method, which is less directly affected."
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