Inflation at an all time high across the Channel Islands

Inflation across the Channel Islands has increased. Credit: ITV Channel Television

Inflation rates across the Channel Islands have increased, with Jersey's and Guernsey's figures both at a 30 year high.

Guernsey's inflation rate has risen to 8.5% which is an increase of 0.5% compared to October 2022.

For Jersey, inflation now sits at 12.7% which has gone up from 10.4% in September.

Rises in food, energy, fuel, and housing costs have all contributed to the increase.

Whilst Guernsey's inflation rate is still lower than the UK's, which is currently 10.5%, the rate of the increase is a concern for Guernsey's Institute of Directors' lead on economics, Richard Hemans.

He says: "Guernsey’s rate of inflation continues to increase, reaching another multi-decade high and putting further pressure on islanders’ finances.

"Guernsey’s inflation trend is now out of kilter with most other developed economies where inflation is starting to fall."Inflation will continue to reduce earnings and therefore consumer spending, which will dampen economic growth."