Inflation at its highest since 2012

Oil pushes prices up, says govt

Inflation in the Isle of Man is at its highest rate for more than five years.

It breached two per cent last month, according to the Consumer Prices Index, standing at 2.2%.

That was up 0.3% on the previous month.

Inflation as measured by the Retail Prices Index has risen by 1.3% to 7.9%.

The government says external factors have once again been the main influence, with oil being one-third more expensive than it was the same time last year ($52 a barrel compared to $39 a barrel).