Guernsey inflation dips to 7%: Cost of living continues rising, but at a slower rate

Inflation may have slowed in Guernsey but it remains significantly higher than the UK. Credit: ITV Channel

Guernsey's rate of inflation dipped to 7.0% in September 2023, down from an RPI rate of 7.3% three months earlier.

However, the bailiwick still exceeds the 6.7% rate seen in the UK and the Bank of England's 2% target for healthy economic growth.

Jersey's inflation rate also dropped this quarter, but it remains high at 10.1%.

The new figures reveal how prices have changed over the last 12 months Credit: States of Guernsey

Despite the 0.3% fall, cost of living pressures continue fueled by high food, housing and fuel prices.

The biggest quarterly squeeze on household budgets was fuel and light with prices jumping by 8.7%.

The Guernsey Welfare Service says they are still seeing significant referral rates and heavy reliance on food banks.

Want to find out more about the stories making the headlines? Don't miss Channelcast - the Channel Islands current affairs podcast brought to you by ITV News: