Treasury minister hoping inflation will drop in 2023

Allinson says gov't departments feeling the pressures too

The treasury minister says there are hopes that inflation levels will start to drop going into next year.

Alex Allinson gave an update to Tynwald yesterday (13 December) about the Island's financial climate.

More support measures around rising costs were announced, including assistance for pensioners and those on long-term benefits.

Inflation for October stood at 10.1 per cent, with housing, water, gas and other fuels continuing to be the biggest contributors.

Dr Allinson says government, like residents, is feeling the financial pressure:

This morning the Office for National Statistics announced that UK inflation fell to ten-point-seven percent in November, from 11-point-one percent in October.