Prices continue to rise in Jersey but at a slower rate as inflation falls

Prices in Jersey are still increasing but at a slowing rate, according to the latest inflation figures.

In the twelve months to December 2023, the rate of inflation rose by 7.5% - in comparison, the figure stood at 10.1% in September when compared with the same month the previous year.

Higher housing costs continue to be a dominant factor in the island's inflation rate, although this figure has also fallen.

It stood at 16.7% last month, but 26.2% in the previous quarter.

This drop, along with food prices rising at a slowing rate, have been the main drivers behind the inflation rate falling.

The island's figure of 7.5% remains higher than Guernsey's rate of 6.3%.

Jersey Statistics uses the UK's inflation rate, as well as housing costs, when comparing the two jurisdictions as it considers housing in its own figures - in the UK, that number currently stands at 4.2%.

Despite a lower figure in Jersey in comparison to the previous quarter, households can still expect some significant price rises over the coming period.

Earlier this month, the freight company FerrySpeed announced it would be passing on additional 4% price hike from 1 February to its business customers just a few weeks after raising them by nearly 9%.

Gas prices will also increase from next month by 12% - this means the average household will pay around £13.80 more per month in Jersey.