Guernsey's inflation rate falls to 6.3%

Inflation currently stands at 6.3% in the bailiwick but remains stubbornly higher than the 4% seen in the UK. Credit: ITV News

Guernsey's rate of inflation has fallen to 6.3% in December 2023, down from an RPI rate of 7% three months earlier.

The bailiwick has seen a drop of 2.2% since December 2022 but the rate remains stubbornly higher than the 4% seen in the UK.

Despite the 0.7% fall on the quarter, cost of living pressures continue to be fueled by high food costs, housing prices and leisure services (entertainment, gym membership and holidays).

However, the biggest quarterly squeeze on household budgets was fares and other travel costs (buses, taxis, air and sea fares ), which have seen an RPI increase of 2.4%.

Guernsey's inflation bulletin is released quarterly and tracks the prices of items in a shopping basket.