Inflation falls, but gov't warns it's a 'temporary lull'

0.9% CPI drop not expected to signal start of downward trend

Inflation on the Isle of Man has fallen to 8.1%, but government warns this may only be a temporary decrease.

The consumer prices index dropped by 0.9% in May, down from 9% the month before.

However, government believes this is due to a temporary lull rather than the beginning of a downward trend given the current economic outlook.

Oils and other fuels have seen the biggest price rise compared to the same time in 2021, with prices having almost doubled over the last 12 months, while petrol, travel costs and motor vehicles having also risen in cost.