Manx inflation: Energy and transport costs push price rises to 14-year high

Rising energy and transport costs have driven inflation on the Isle of Man to a 14-year record high.

An inflation rate of 10.8% in the 12 months to July, up 1.6% on June, was recorded in a government report on the cost of goods and services, measured under the Consumer Prices Index (CPI).

The figure is the highest CPI rate recorded since the measure was first introduced on the island in 2008.

It also surpasses the UK's 40-year high of 10.1% recorded in July.

The cost of sea travel has increased by 104% in the last 12 months, while the price of oil has risen about 90%, and gas prices have climbed 78% in the same period.

In the Manx government's July inflation report, the extent of the rise in the cost of sea travel was blamed on "data being collected over a period of significant demand".

Housing, water, electricity, gas and other fuels "continues to be the biggest contributor" to high inflation, it added.

A range of about 500 consumer items were assessed by the Manx government and combined into an index value to represent an inflation rate.

The report comes after businesses on the island made an urgent plea for support due to high inflation, energy costs and interest rates.

A package of support measures are set to be announced by the Manx government this week to help individuals and firms against the rising cost of living.

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