Manx CPI falls below 2% for first time since 2021

Treasury Minister optimistic but says there will likely be some fluctuations

The Isle of Man's consumer inflation rate dropped by 0.3 percent last month.

It means it's fallen below two percent for the first time since early 2021.

The rate at which prices are rising now stands at 1.9 percent with rent, driving lessons, and preschool fees among the biggest movers over the 12 months to October 2024.

Postage, restaurants and hotels, and wine and spirits also saw year-on-year increases, while gas, oil and other fuels, and petrol recorded average decreases of 14.9 percent.

'Miscellaneous goods and services' saw the largest rise at 1.7 percent but transport experienced deflation - falling by 3.1 percent.

Treasury Minister Alex Allinson told Manx Radio he's pleased inflation remains close to the Bank of England's two percent target.

However, he 'expects some fluctuations' and confirmed his department will 'continue to monitor the situation closely'.